Target reported its Q1, 2023 financial results on May 17th. Revenue was flat versus Q1, 2022 as macro-economic conditions such as inflation and increased interest rates force Guests to be increasingly mindful of their spending. Spending on Discretionary categories fell, while Frequency categories saw single to low-double-digit growth.
As consumers consolidate trips, they are choosing Target. Store traffic was +0.9%, marking three years of consecutive traffic growth. Target remains resilient in their “Affordable Joy” strategy, attracting Guests who are looking for value AND inspiration through newness.
“We came into the year clear eyed about what consumers are facing with persistent inflation and rising interest rates. And we were determined to build on the trust our guests have had in Target by unifying as a team to deliver affordable joy each and every day as consumers and businesses navigate a third straight year of dynamic challenges.”
-Brian Cornell, Chief Executive Officer
You can download the full Harvest Group recap here with takeaways from our Target experts here:
