Target $102.

Sees FY25 revenue $1.965B-$2.025B, consensus $2.04B. FY25 revenue view implies a decline of 2.0% to growth of 1.0%. The sales outlook reflects the Company's view of lingering inflation and further consumer spending softness, especially in certain discretionary categories. In the aggregate, the Company believes retail inventory on hand is at healthy levels and expects that sell-in will be generally in line with sell-through during FY25. The Company's fiscal year net sales outlook reflects the following expectations by segment: Home & Outdoor net sales growth of 1.0% to 4.0%; and Beauty & Wellness net sales decline of 4.5% to 1.5%, which includes a year-over-year headwind of approximately 1.0% related to the expiration of an out-license relationship in Wellness. Sees FY25 adjusted EBITDA $324M-$331M, which implies a decline of 3.6%-1.6%, as benefits from Project Pegasus and other gross profit improvements are reinvested for growth. The Company's outlook reflects a year-over-year increase in growth investment spending of approximately 100 basis points, a year-over-year headwind of approximately 50 basis points from the expiration of an out-license relationship in Wellness, and some margin compression from incremental operating expense related to enterprise technology initiatives included in the Elevate for Growth strategic plan that are beginning in FY25. Sees FY25 free cash flow $255M-$275M and its net leverage ratio to end FY25 at 1.25x to 1.00x. In terms of the quarterly cadence of sales, the Company expects a decline of approximately 7% to 5% in the Q1, and a range of flat to 3% growth for each of the remaining quarters. The Company expects a slight decline in adjusted diluted EPS for the first half of FY25, with a decline of approximately 15% to 20% in the first quarter and nearly offsetting growth in the second quarter. The Company expects an adjusted EPS range of flat to 5% growth in the second half FY25.