Target (TGT) exec. notes that they were encouraged by Q1, but it saw the easiest Y/Y comparison for the current FY and Q2 will see the hardest comparison, a near 2pp difference.
- Adds, the higher tax refunds this year were a source of Q1 consumer spending upside, will fade over the year.
- Consumers have been resilient thus far. However, sentiment has been declining recently.
- Continue to expect more challenging cost headwinds in H1, expected to moderate in H2.
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