Target's stock plunges toward a one-year low after a triple-miss earnings report and downbeat outlook

Dow Jones11-20 19:41

MW Target's stock plunges toward a one-year low after a triple-miss earnings report and downbeat outlook

Shares of Target Corp. $(TGT)$ tumbled 20.5% toward their worst day in more than two years in premarket trading Wednesday, after the retail giant reported a triple miss for the fiscal third-quarter and provided a downbeat outlook, citing "unique challenges and cost pressures." Net income for the quarter to Nov. 2 dropped to $854 million, or $1.85 a share, from $971 million, or $2.10 a share, in the same period a year ago. That was well below the FactSet consensus for earnings per share of $2.30. Total revenue grew 1.1% to $25.67 billion, below the FactSet consensus of $25.88 billion, as comparable sales, or sales of stores open at least 13 months, were up 0.3% to miss expectations of a 1.5% increase. Digital comparable sales rose 10.8% as same-day delivery services saw nearly 20% growth. Looking ahead, the company expects fourth-quarter adjusted EPS of $1.85 to $2.45, versus the current FactSet consensus of $2.65. The stock, which was set to open at a one-year low, has tacked on 8.8% year to date through Tuesday, while the Consumer Staples Select Sector SPDR ETF $(XLP)$ has gained 11.9% and the S&P 500 index has advanced 24.1%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 20, 2024 06:41 ET (11:41 GMT)

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