Target reported Q1 sales growth of 0.5%

 

Target reported Q1 sales growth of 0.5%. Comparable digital sales were down 3.4% as the firm warned of a $500M profit hit. Target's total revenue stood at $25.32B, beating expectations of $25.29. The firm posted earnings per share of $2.05, which also surpassed expectations. Net income for Q1 fell to $950M from $1.01B a year earlier. The retailer said in February that it would convert its stores into hubs for online orders as part of a $100M supply chain investment.