and doesn’t want to close stores because that hurts workers and the community. The retailer said it’s embracing different measures, from expanding security to locking up certain items.
First-quarter comparable sales — or those from stores or digital channels operating for the past 12 months — were flat compared with the year-ago period. That’s bit of a slowdown from the 0.7% growth in the previous quarter. Customer traffic was up, but shoppers focused on buying necessities like health and beauty and groceries over non-essentials. Comparable stores sales grew 0.7% but comparable online sales declined.
Sales rose 0.6% to $25.32 billion in the quarter, up from $25.17 billion in the year-ago quarter. Analysts expected earnings of $1.77 per share on $25.26 billion in sales in the latest period, according to FactSet. "We came into 2023 clear-eyed about what consumers were facing with persistent inflation and rising interest rates," CEO Brian Cornell said during a media call Tuesday.The discounter said in early March that it plans to invest as much as $5 billion this year expanding services for customers, including a drive-up service for returns, renovations at 175 stores and improvements in online shopping.Target is among the first major U.S.
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