Photo credit: corporate.target.com
ISTANBUL
American retail corporation Target saw its revenue and income decline in the most recent three-month period due to lower sales, according to its financial results statement released Wednesday.
The company, which operates a chain of discount department stores across the US, saw total revenue of $24.5 billion for the three months ended May 4, it said.
The figure is a 3.1% decrease from $25.3 billion for the three months ended April 29, 2023.
Net earnings declined 0.8% to $942 million from $950 million during that period.
Total sales fell 3.2% to $24.1 billion from $24.9 billion during that time.
"Inventory at the end of Q1 was 7 percent lower than last year, even as the Company saw higher in-stock levels than a year ago," said the statement.
Target saw its stock price plummeting around 10% at the opening bell on the New York Stock Exchange, while it was down 7.3% at 11.11 a.m. EDT.
