( ) -q-21- UNDATED (Correspondent Jeremy House) “basics this summer.” Target is reporting a decline in quarterly revenue as still-stubborn inflation cuts into shoppers’ spending. [CutID: <Cuts> TARGET-SALES-house-q-WEDam.mp3 Time: 21s Title: TARGET-SALES-house-q-WEDam Out-cue: basics this summer] TAG: Correspondent Jeremy House reporting. Target reported net income of $942 million, or $2.03 per share, in the quarter […]
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Target sales decline to start the year, but it sees improvement
( ) -q-21- UNDATED (Correspondent Jeremy House) “basics this summer.”
Target is reporting a decline in quarterly revenue as still-stubborn inflation cuts into shoppers’ spending.
[CutID: <Cuts> TARGET-SALES-house-q-WEDam.mp3
Time: 21s
Title: TARGET-SALES-house-q-WEDam
Out-cue: basics this summer]
TAG: Correspondent Jeremy House reporting. Target reported net income of $942 million, or $2.03 per share, in the quarter ended May 4. Earnings per share was $2.03. The company’s revenue slipped 3.1% to $24.53 billion, from $25.32 billion. Analysts were expecting $2.06 per share on revenue of $24.51 billion.
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VERBATIM: The Minneapolis retailer has also delivered a muted profit outlook. But it said it expects it will get back to quarterly sales growth in the current quarter. The fiscal first-quarter report comes as Target is looking for ways to reverse a sales malaise. On Monday, it announced plans to cut prices on thousands of consumer basics this summer.