Retailer Target saw digital comparable sales growth of 1.4% for its first fiscal quarter of 2024, though comparable sales declined 3.7%.
Total revenue was $24.5 billion, a dip of 3.1% compared to a year ago. First quarter operating income of $1.3 billion was 2.4% lower than last year, according to a press release on the earnings.
Overall, Q1 results were expected, according to Target's CEO.
"Our first quarter financial performance was in line with our expectations on both the top and bottom line, tracking the trajectory we outlined for this year and setting up a return to growth in the second quarter," Brian Cornell, chair and chief executive, said in the release. "Our topline performance improved for the third consecutive quarter, with growth in our digital business led by strength in our same-day fulfillment services. Consumers continue to respond to the newness and value that we offer across our shopping experience, and we're pleased with early results from the relaunch of Target Circle. Looking ahead, our team will deliver for our guests through lower prices, a seasonally relevant assortment, ease and convenience, as we keep investing in our strategy and efficiency initiatives to get back to growth and deliver on our longer-term financial goals."
The news comes on the heels of Target announcing it is lowering regular prices on about 5,000 frequently shopped items over the course of this summer.