Target has been struggling with a sales slump and decreased customer traffic, though CEO Michael Fiddelke has said the retailer is poised for a turnaround.
Target is set to report its fiscal first-quarter earnings and offer a read on the consumer Wednesday, as CEO Michael Fiddelke leads a turnaround plan for the retailer.
The company has struggled to prove to investors that it can end its sales slump and win back brand loyalty from consumers. The earnings will come as Wall Street keeps a keen eye on a more selective consumer, hit by soaring gas prices and macroeconomic uncertainty.
Here's what Wall Street is expecting for the retailer's fiscal first quarter, based on a survey of analysts by LSEG: Target said last quarter it expects net sales to rise about 2% for the fiscal year compared with last year, and it said it's expecting revenue to climb during every quarter of the year.
Fiddelke, who assumed the role earlier this year, told CNBC last quarter that strong February sales indicated an upward trend and gave him "confidence" that Target can return to growth. Target on Tuesday took another step to try to boost that effort, naming former Walmart executive Jeff England as its chief supply chain officer as part of its efforts to revitalize the business.
Still, the company has been in a sales slump for multiple quarters, reporting falling revenue and decreasing customer traffic. While Target believes it's poised to reverse those trends, its annual sales have been roughly flat for four years.
Its stock has sank more than 40% over the past five years as of Tuesday's close, but is up roughly 30% this year.
Chief Financial Officer Jim Lee said in March that Target would increase its spending this year to accelerate its turnaround, with capital expenditures totaling about $5 billion for the year, a more than $1 billion increase from last fiscal year. Those investments will go toward its supply chain and investment in its stores, among other areas.
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