A pedestrian walks past a Target store in Chicago, Illinois.
Scott Olson | Getty Images
Target will report its first-quarter earnings Wednesday before the bell.
The big-box retailer’s stores have remained open across the country during the coronavirus pandemic, but the crisis has cut into its profits as Target’s labor expenses jumped and sales of higher-margin categories, such as apparel, dropped, the company said in April.
Here’s what Wall Street is expecting, according to Refinitiv:
- Earnings per share: 40 cents, estimated
- Revenue: $19.04 billion, estimated
Target CEO Brian Cornell said in late April that the retailer’s online sales surged, but he warned the company’s costs had risen, too, and would pressure first-quarter margins.
At the time, the company said it had already spent more than $300 million on coronavirus-related employee expenses, such as paid sick leave. It recently extended its $2 an hour temporary pay increase, for full-time and part-time hourly employees through July 4, along with additional childcare benefits and paid leave.
This is breaking news. Please check back for updates.
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