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MINNEAPOLIS — Target Corporation (NYSE: TGT) posted first-quarter 2025 earnings on Wednesday that revealed a 2.9 percent drop in net sales to $23.8 billion and led management to slash its full-year outlook, citing softer discretionary spending, lingering inflation pressure, and higher import tariffs.
Digital comparable sales rose 4.7 percent, powered by more than 35 percent growth in same-day services such as Drive Up and Target Circle 360, yet those gains could not offset declines in apparel, home goods, and electronics. Comparable in-store traffic fell 3.1 percent year over year, a reversal from the retailer’s pandemic-era surge.
CEO Brian Cornell warned investors to expect a “low-single-digit” sales decline for fiscal 2025, replacing the previous projection for slight growth. Earnings per share are now forecast at $7–$9, down from the prior $8–$10 range. The cautious tone sent Target’s stock down nearly 6 percent in early trading.
Key takeaways for shoppers and investors
• Summer rollout: To jump-start traffic, Target is launching 10,000+ new “Hello Summer” SKUs priced from $1 to $25 and running an eight-day sale event through May 26, with discounts up to 50 percent on patio, swim, and seasonal groceries.
• Membership push: The company continues to spotlight Circle 360, a $99-per-year program offering unlimited same-day delivery via Shipt, hoping to boost loyalty and basket size.
• Margin watch: Gross margin improved 70 basis points to 26.4 percent thanks to inventory discipline and fewer markdowns, but executives cautioned that freight costs tied to new tariff schedules could pressure margins later this year.
Why it matters
Target’s warning underscores a broader retail slowdown as consumers prioritize essentials over discretionary categories. With Walmart posting modest same-store sales growth and Amazon strengthening in same-day fulfillment, Target faces intensifying competition for wallet share. Analysts say success hinges on accelerating private-label innovation, keeping shelves in stock, and leveraging its 2,000-store network as fulfillment hubs.
Bottom line
Investors will be watching Target’s back-to-school results in August for signs that promotions and new assortments can reignite store traffic. Until then, the big-box giant is steering through choppy macro waters, betting that value pricing, loyalty perks, and an expanded summer lineup will help hit the bull’s-eye in the second half of 2025.
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