5/18/2022, 12:32 PM (Source: TeleTrader)
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Chart for: Target Corp

Target Q1 revenue up 4% to $25.2 billion, profit halves

The Target Corporation announced on Wednesday that its total revenue for the first quarter of the fiscal year increased 4% year-over-year reaching $25.2 billion.

Diluted earnings per share (EPS) plunged 48.2% year on year to $2.16 while operating income amounted to $1.35 billion, which is 43.3% lower compared to the same period a year earlier. Comparable sales advanced by 3.3%, and net income dived 51.9% on the year to $1.01 billion.

"Throughout the quarter, we faced unexpectedly high costs, driven by a number of factors, resulting in profitability that came in well below our expectations, and well below where we expect to operate over time," CEO Brian Cornell commented.

Target's shares tumbled 14.53% in the premarket after the release of the quarterly result.

Baha Breaking News (BBN) / BU