Holiday blues: The retail sector is jolted by Target's earnings update

seekingalpha11-20

The retail sector was jolted on Wednesday by a disappointing earnings update from Target (NYSE:TGT). "We encountered some unique challenges and cost pressures that impacted our bottom-line performance...

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Target (TGT) was one of the first major retailers to point to issues with too much inventory being pulled in ahead of the expectation of East Coast port strikes. \"It meant we were fuller a little bit earlier in the quarter than we would like to be, and we’re never quite as efficient when our buildings are full, but we felt like that was the right decision to really protect the guest experience on the store performance,\" highlighted Cornell. On the guidance front, Target (TGT) expects full-year EPS of $8.30 to $8.90 (midpoint $8.60) vs. a prior outlook for $9.00 to $9.70 and the consensus mark of $9.57. The guidance implies a holiday quarter performance below expectations. Notable retail sector movers following the Target (TGT) report included Macy's (M) -1.1%, Kohl's (KSS) -1.8%, Dillard's (DDS) -1.0%, Nordstrom (JWN) -2.7%, Best Buy (BBY) -1.8%, Dick's Sporting Goods (DKS) -0.9%, PriceSmart (PSMT) -3.5%, American Eagle Outfitters (AEO) -1.4%, Ollie's Bargain Outlet Stores (OLLI) -1.8%, Gap (GAP) -1.4%, Dollar General (DG) -3.7%, Five Below (FIVE) -3.8%, and Dollar Tree (DLTR) -3.7%. For its part, Target (TGT) pared its early drop to -17.4%.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484321190"}