Target discloses decline in revenue, income for February-April period
Date
5/23/2024 3:58:55 AM
(MENAFN) Target, the American retail corporation renowned for its chain of discount department stores across the United States, disclosed a decline in both revenue and income for the most recent three-month period, according to its financial results statement released on Wednesday. The company reported total revenue of USD24.5 billion for the three months ended May 4.
This figure represents a 3.1 percent decrease from the USD25.3 billion recorded for the same period ending April 29, 2023. Net earnings followed a similar trajectory, declining by 0.8 percent to USD942 million from the USD950 million reported during the corresponding period.
The company's total sales also experienced a notable dip, falling by 3.2 percent to USD24.1 billion from the USD24.9 billion recorded during the same timeframe. These results reflect a challenging period for Target, marked by lower sales figures contributing to the overall decline in revenue and income.
"Inventory at the end of Q1 was 7 percent lower than last year, even as the Company saw higher in-stock levels than a year ago," the statement noted.
Target witnessed a significant downturn in its stock price, with a notable 10 percent decline observed at the opening bell on the New York Stock Exchange. This substantial drop in stock value persisted throughout the morning, with the company's shares down by 7.3 percent as of 11:11 AM EDT.
The decline in stock price reflects investor reaction to the company's recent financial results, which revealed a decrease in both revenue and income for the most recent three-month period.
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