Target (NYSE: TGT) reported earnings on May 22. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended May 4 (Q1), Target met expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue dropped slightly. Non-GAAP earnings per share grew. GAAP earnings per share dropped significantly.

Margins shrank across the board.

Revenue details
 Target chalked up revenue of $16.71 billion. The 19 analysts polled by S&P Capital IQ expected to see sales of $16.81 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at $1.05. The 21 earnings estimates compiled by S&P Capital IQ averaged $0.93 per share. Non-GAAP EPS of $1.05 for Q1 were 1.0% higher than the prior-year quarter's $1.04 per share. GAAP EPS of $0.77 for Q1 were 26% lower than the prior-year quarter's $1.04 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 30.8%, 10 basis points worse than the prior-year quarter. Operating margin was 6.1%, 150 basis points worse than the prior-year quarter. Net margin was 3.0%, 110 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $17.43 billion. On the bottom line, the average EPS estimate is $1.10.

Next year's average estimate for revenue is $74.92 billion. The average EPS estimate is $4.71.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 2,441 members out of 2,672 rating the stock outperform, and 231 members rating it underperform. Among 776 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 739 give Target a green thumbs-up, and 37 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Target is outperform, with an average price target of $71.81.

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