Target (NYSE:TGT) earnings for the first quarter of 2020 have TGT stock down on Wednesday. This is despite reporting revenue of $19.62 billion, which is above Wall Street’s estimate of $19 billion. However, the company reported adjusted earnings per share (EPS) of 59 cents, while analysts were expecting earnings of 68 cents for the quarter.
Additionally, the retailer reported GAAP EPS of 56 cents for the period.
Now let’s see what else is worth mentioning from the most recent Target earnings report.
- Adjusted EPS was down 61.4% from $1.53 during Q1 2019.
- Revenue for the quarter comes in 11.3% higher compared to $17.63 billion during the same time last year.
- Operating income of $468 million is 58.7% worse year-over-year than $1.14 billion
- Target’s earnings also includes a net income of $284 million.
- That is 64.3% lower than $795 million from the first quarter of 2019.
- The company also reported that its digital comparable sales grew 141% during the period.
Brian Cornell, chairman and chief executive officer of Target, said this about the TGT stock earnings report:
“Throughout the first quarter, our team and guests faced unprecedented challenges arising from the spread of COVID-19. In the face of those challenges, our team showed extraordinary resilience as guests relied on Target as a trusted resource for their families. With our stores at the center of our strategy, and a significant investment in the safety of our team and guests, our operations had the agility and flexibility needed to meet the changing needs of our business.”
The company withdrew its FY2020 guidance back on March 25 due to potential impacts on the business from the novel coronavirus. However, we know what Wall Street is looking for. Analysts’ estimates call for EPS of $5.28 on revenue of $81.61 billion.
TGT stock was down almost 3% on Wednesday.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.