Target (TGT) reported fiscal Q1 adjusted earnings Wednesday of $1.30 per diluted share, down from $2.03 a year earlier.

Analysts polled by FactSet expected $1.61.

Sales for the fiscal quarter ended May 3 were $23.85 billion, down from $24.53 billion a year earlier.

Analysts surveyed by FactSet expected $24.23 billion.

For 2025, the company now expects adjusted EPS of $7.00 to $9.00 on a low-single digit decline in sales, compared to its previous projection of adjusted EPS of between $8.80 and $9.80 on net sales growth of around 1%.

Analysts polled by FactSet expect non-GAAP EPS of $8.34 on revenue of $106.67 billion.

Target shares fell more than 1% in premarket trading.