Target Q1 Adj. EPS Misses After Margins Well Below Expectations
(PLX AI) – Target Q1 adjusted EPS USD 2.19 vs. estimate USD 3.07Q1 EPS USD 2.16Q1 revenue USD 25,200 million vs. estimate USD 24,500 millionQ1 operating income USD 1,300 million vs. estimate USD 1,980 millionOperating margin rate of 5.3% was well …
- (PLX AI) – Target Q1 adjusted EPS USD 2.19 vs. estimate USD 3.07
- Q1 EPS USD 2.16
- Q1 revenue USD 25,200 million vs. estimate USD 24,500 million
- Q1 operating income USD 1,300 million vs. estimate USD 1,980 million
- Operating margin rate of 5.3% was well below expectations, driven primarily by gross margin pressure reflecting actions to reduce excess inventory as well as higher freight and transportation costs
- CEO says faced unexpectedly high costs, driven by a number of factors, resulting in profitability that came in well below our expectations, and well below where we expect to operate over time
- Target expects Q2 operating income margin rate will be in a wide range centered around 5.3 percent, same as Q1
- Target continues to expect low- to mid- single digit revenue growth for full-year 2022
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