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Target Slashes Guidance, But Sales Weren't As Ugly As Expected

Sam RoMay 21, 2014, 17:34 IST

Patrick Hoesly / Flickr, CC

Target's Q1 financial results are out, and the numbers are a little light.

Q1 adjusted earnings came in at $0.70 per share versus expectations for $0.71 per share.

Management also reduced its full-year adjusted earnings guidance to $3.60-$3.90 per share from $3.85-$4.15 per share.

The good news is that sales appear to be stabilizing. Comparable store sales declined by just 0.3% during the period. Analysts were forecasting a 1.1% drop.

More to come...