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Target reported disappointing Q1 results with sales down by 3.2%, comp sales down by 3.7%, and store sales down by 4.2%. Online sales saw a slight increase of 1.2%. The net income also decreased by 0.8%. The CEO mentioned challenges in discretionary spending and a shift in consumer spending towards services over home entertainment.
$TGT on Q1 24 performance: "Sales declines, primarily in discretionary categories, were partially offset by continued growth in Beauty. Discretionary sales trends continued to improve vs. prior quarters, led by an improvement of nearly 4 pps in apparel Vs Q4 23" https://t.co/zp2j3qcq0V
$TGT CEO on the state of the consumer: "They continue to show resiliency...They’re also continuing to normalize their mix of spending back into services & out of home entertainment. That’s contributing to continuing soft trends in discretionary categories"
$TGT CEO on the state of the consumer: "They continue to show resiliency in the face of challenges...They’re also continuing to normalize their mix of spending back into services and out of home entertainment. That’s contributing to continuing soft trends in discretionary…
