Target sales fall sharply in 1st quarter and retailer warns they will slip for all of 2025

Sales at Target fell sharply in the first quarter and the retailer warned they will slip this year as consumers, worried over the impact of tariffs, pull back on spending.

Sales fell 2.8% to $23.85 billion, which is less than the $24.23 billion Wall Street expected, according to FactSet, and down from the $24,53 the company reported during the same period last year.

Target said Wednesday that it now expects a low-single digit decline in sales for 2025, and earnings per share, which excludes the gains from the litigation settlements in the first quarter, to be anywhere from $7 to $9.

For the year, analysts expect earnings per share of $8.34 on sales of $106.7 billion.