Target Corporation (TGT) reported its Q1 financial results before the market open in the US on Wednesday.

The US department store chain reported revenue of $25.17 billion in Q1 (up by 4% vs. the same period last year), slightly beating analyst estimate of $24.475 billion.

The company missed analyst expectations for earnings per share for the quarter, reporting $2.19 earnings per share (decrease of 40.7% year-over-year) vs. $3.07 per share expected.

”Our first-quarter results mark Target’s 20th-consecutive quarter of sales growth, with comp sales growing more than 3 percent on top of a 23 percent increase one year ago,” CEO of Target, Brian Cornell said after the latest results.

”Guests continue to depend on Target for our broad and affordable product assortment, as reflected in Q1 guest traffic growth of nearly 4 percent. Throughout the quarter, we 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. Despite these near-term challenges, our team remains passionately dedicated to our guests and serving their needs, giving us continued confidence in our long-term financial algorithm, which anticipates mid-single digit revenue growth, and an operating margin rate of 8 percent or higher over time,” Cornell added.

Target Corporation chart

Share of Target plummeted by over 24% on Wednesday after the disappointing Q1 results, trading at $161.48 per share.

Here is how the stock has performed in the past year:

• 1 Month -35.18%
• 3 Month -22.23%
• Year-to-date -30.17%
• 1 Year -26.21%

Target price targets

• Deutsche Bank: $294
• JP Morgan: $290
• Gordon Haskett: $300
• Morgan Stanley: $255

Target is the 180^th largest company in the world with a market cap of $74.93 billion.

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Sources: Target Corporation, TradingView, MarketWatch, Benzinga, CompaniesMarketCap