By Colin Kellaher

Target on Wednesday posted fiscal first-quarter earnings that topped Wall Street's expectations despite slowing sales growth in a challenging retail environment.

The Minneapolis retailer reported net income of $950 million, or $2.05 a share, for the quarter ended April 29, down from $1.01 billion, or $2.16 a share, a year earlier, but ahead of the $1.77 a share that analysts polled by FactSet, on average, were expecting.

Sales edged up 0.5% to $24.95 billion, missing the $25.26 billion Wall Street was looking for, while comparable sales were flat.

Citing softening sales trends in the first quarter, Target said it is planning for a wide range of sales outcomes in the second quarter, centered around a low-single-digit decline in comparable sales. The company said it expects earnings of $1.30 to $1.70 a share for the quarter, well below the $1.95 analysts had penciled in.

However, Target maintained its full fiscal-year guidance of earnings of $7.75 to $8.75 a share, with comparable sales ranging from up or down in low-single digits.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 17, 2023 06:55 ET (10:55 GMT)

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