Target reported Q1 2024 financial results on May 22nd, disappointing investors with muted topline sales and pressure on profitability from price and other investments. Much like the Investor Meeting in March, the company tried to focus on 5-year comparisons and progress in areas such as inventory, improving Beauty and Apparel trends, and the new Circle program. We continue to believe in Target’s revised commitment to more long-term vs. short-term goals as they pursue core strategies like newness, innovation, and winning the seasons.
Results today sent the stock down ~8%, giving back the gains it made following last quarter’s profitability outperformance and more positive outlook on discretionary spending.
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