Target Corp. reported first-quarter fiscal 2025 revenue of $23.85 billion, missing Wall Street expectations and falling 2.8% from a year earlier. Adjusted earnings per share dropped to $1.30 versus analysts’ forecasts of about $1.65, while comparable sales fell 3.8% amid a 5% decline at physical stores. Digital sales were a bright spot, rising 4.7%, and EBITDA of $2.29 billion exceeded estimates, but the overall performance underscored weakening discretionary demand. Chief Executive Officer Brian Cornell said the retailer faced “several additional headwinds,” pointing to five consecutive months of declining consumer confidence, uncertainty created by the 145% tariff on Chinese imports, and negative reactions to January’s rollback of diversity, equity and inclusion initiatives. Cornell added that raising prices to offset tariff costs would be a “very last resort.” Citing the softer first quarter and persistent macro pressures, Target slashed its full-year outlook. Management now expects fiscal-year sales to decline in the low single digits, reversing an earlier projection for growth, and cut its adjusted EPS forecast to a range of $7 to $9 from $8.80 to $9.80. Investors reacted sharply; the shares fell as much as 7% in morning trading.