Target tumbled nearly 25% in morning trading after its Q2 earnings guidance missed forecasts.
It reported an adjusted profit of 68 cents a share on $11.4 billion in revenue. Analysts surveyed by FactSet were expecting earnings per share of 60 cents on sales of $11.6 billion.
For the second quarter of fiscal 2023, the company is expecting U.S. comparable sales to be down between 1% and 3%, while earnings per share could be between 65 and 69 cents, below estimates for 72 cents a share.
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