Target (TGT) Q1 revenue light: $14.8 billion vs. $14.92 consensus and $14.04 last year. EPS ahead: $0.74 vs. $0.71E. While same-store sales declined 0.7% from last year, new store expansion made up for the shortfall. Gregg Steinhafel, president and chief executive officer of TGT, did not alter TGT’s outlook:
Our first quarter earnings per share met our expectations despite softer-than-expected sales performance. Though the current economic environment remains challenging, we will continue to generate long-term value for our shareholders by remaining focused on the disciplined execution of our strategy. In addition, we believe our shareholders will benefit over time from our significant share repurchase activity and the unique relationship that has been created through this innovative agreement with JPMorgan Chase
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