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.