Target (NYSE: TGT) is scheduled to announce its fiscal second quarter results on Wednesday, August 16. The company announced better-than-expected first quarter results, as both its revenue and earnings per share came in ahead of market expectations. However, the company’s revenue declined 1% year-over-year (y-o-y) to $16 billion, primarily due to lower comparable store sales, partially offset by a slightly higher store count. Notably, Target’s digital sales grew 22% y-o-y in the first quarter and accounted for 4.3% of total sales.
Target is in somewhat of a transitional phase as it looks to overhaul its business model. The company invested nearly $500 million in the first quarter as part of its store transformation plan, which also included the expansion of small format stores.
