Target Q1 sales fall 2.8% to $23.8 billion; GAAP EPS $2.27 includes litigation gains
Target reported first-quarter 2025 net sales of $23.8 billion, down 2.8% from $24.5 billion a year earlier, with comparable sales down 3.8%. GAAP diluted EPS rose to $2.27 from $2.03, but that includes $593 million in pre-tax gains from credit card interchange fee litigation settlements; excluding those gains, adjusted EPS was $1.30, down 35.9%. The company also gave fiscal 2025 guidance of a low-single digit sales decline and GAAP EPS of $8.00 to $10.00 (adjusted EPS $7.00 to $9.00).
Key points
- Net sales were $23.8 billion, down 2.8%; comparable sales fell 3.8%, with comparable store sales down 5.7% and digital comparable sales up 4.7%.
- GAAP diluted EPS was $2.27 versus $2.03; adjusted EPS, excluding $593 million in pre-tax litigation gains, was $1.30 versus $2.03.
- Fiscal 2025 guidance: low-single digit sales decline, GAAP EPS of $8.00 to $10.00, adjusted EPS of $7.00 to $9.00.
- An acceleration office led by Michael Fiddelke was established to speed decisions and execution of strategic initiatives.
The filing
Written by AI on Nov 8, 2026, 1:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 21, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.