Target (TGT) shares sank 7% Wednesday morning after the retail giant lowered its full-year sales projection following mixed first-quarter results.

The Minneapolis-based retailer reported quarterly adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $1.30 on revenue that decreased nearly 3% year-over-year to $23.85 billion. 澳洲幸运5官方开奖结果体彩网:Analysts had expected $1.64 and $24.34 billion, respectively, per Visible Alpha. However, Target's GAAP EPS ﷽of $2.27, which includes the gains from litigation s🌊ettlements, topped the $1.64 estimate.

Comparable sale💧s declined by 3.8%, as a larger drop in in-store shopping offset an increase in digital sales. Analysts had projected a 1.68% drop.

"While our sales fell short of our expectations, we saw several bright spots in the quarter, including healthy digital growth," CEO Brian Cornell said, adding that the retailer is "not satisfied with current performance and know we have opportunities to deliver faster progress on our roadmap for growth."

Cornell told reporters that Target's sales were negatively impacted by a number of factors, including tariffs, worsening consumer sentiment, and pushback to the retailer's backing away from its 澳洲幸运5官方开奖结果体彩网:diversity🍸, equity, and inclusion (DEI) initiatives earlier this year, according to CNBC. The CEO said in Wednesday's earnings call that raising prices woulꦑd be "the very last resort" in terms of dealing with tariffs.

T🐲arget Now Sees Low-Single-Digit✨ FY Sales Decline

The company cut its fiscal 2025 sales forecast and widened its projected profit range. The retailer now expects a low-single-digit sales decrease and EPS of $8.00 to $10.00, with adjusted EPS—excluding the Q1 gains from litigation settlements—projected from $7.00 to $9.00. 澳洲幸运5官方开奖结果体彩网:Last quarter, Target said it expected roughly 1% net sales growth and EPS, both GAAP and adjusted, of $8.80 to $9.80.

Separately Wednesday, Target announced the creation of a "Enterprise Acceleration Office," led by COO Michael Fiddelke. The retailer said the effort is designed to "improve how functions work together to advance key priorities, ranging from simplifying cross-company processes to using technology and data in new ways to power the team."

Including today's decline, shares have lost about a third of their value since the start of the year.

UPDATE—This article has been updated with the latest share price information and additional comments from CEO Brian Cornell.