Target Corp. reported a decline in quarterly revenue for the fourth consecutive quarter, with Q1 sales dropping 3.7% to $24.14 billion, slightly above the estimated $24.13 billion. The company's adjusted earnings per share (EPS) came in at $2.03, missing the estimated $2.05. Target's net income decreased to $942 million from $950 million in the same period last year. The retailer issued a cautious forecast for the second quarter, expecting adjusted EPS between $1.95 and $2.35, below the estimated $2.19. Target's performance was impacted by weak discretionary spending and a shift in consumer behavior towards essentials. Comparable store sales fell by 3.7%, with store sales down 4.2% and online sales up 1.2%. Despite these challenges, Target continues to see growth in its beauty segment and slight improvements in discretionary sales trends. The company's shares dropped nearly 10% in premarket trading following the earnings report. EBITDA was reported at $2.04 billion, and EBIT at $1.33 billion. Target still sees full-year adjusted EPS between $8.60 and $9.60.