Target sales decline to start the year, but it sees improvement

Target is reporting a decline in quarterly revenue as still-stubborn inflation cuts into shoppers’ spending. The Minneapolis retailer also delivered a muted profit outlook on Wednesday. But it said it expects it will get back to quarterly sales growth in the current quarter. The fiscal first-quarter report comes as Target is looking for ways to reverse a sales malaise. On Monday, it announced plans to cut prices on thousands of consumer basics this summer, from diapers to milk. Target reported net income of $942 million, or $2.03 per share, in the quarter ended May 4. Earnings per share was $2.03. The company’s revenue slipped 3.1% to $24.53 billion, from $25.32 billion. Analysts were expecting $2.06 per share on revenue of $24.51 billion.