Coinciding with its first earnings miss in six quarters, Target gave conservative second quarter guidance. The big box retailer projects same-store sales of up 0%-2% vs. the Street's expectation for 1.5% growth. Meanwhile, earnings guidance of $1.95-$2.35 has a midpoint of $2.15, which is below the $2.19 expected by analysts. However, the full-year forecast is reaffirmed – implying better performance in the back half of the year. While they feel the U.S.
Notably we expect discretionary trends will continue to remain pressured in the short-term but to normalize over time.' TJX gives weak second quarter guidance – with earnings per share seen 88-90 cents, solidly below the 94 cent estimate. Same-store sales are projected to grow 2%-3%, a bit conservative compared to Wall Street's expectation of up 3%. The company raises its full year earnings guidance – but that's mostly because of the off-price retailer's first quarter beat.
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