Investing.com – Target Corporation (NYSE:TGT) tumbled 8% in the U.S. pre-market after reporting a less than expected increase in comparable sales on Wednesday.
Specifically, the second largest U.S. retailer published an adjusted earnings-per-share of $1.29 for the first quarter, beating expectations of $1.19.
However, sales fell 5.4% to $16.2 billion, coming in under the consensus forecast of $16.3 billion.
Putting shares under pressure, comparable sales rose 1.2%, below expectations for an increase of 1.6%.
Though Target admitted that its view of “second quarter results has been tempered by the recent slowdown in consumer trends”, the retailer still reiterated its prior guidance range for full-year EPS.
In the second quarter, Target said it expected comparable sales to range from flat to a 2% drop, with adjusted EPS of $1.00 to $1.20.
At 12:14GMT, or 8:14AM ET, shares fell 8.29% to $67.51 in pre-market trade.