Target slides after profit guidance stunner ahead of the holidays; Walmart and Costco also dip

seekingalpha11-20 20:00

Scott Olson/Getty Images News Target Corporation (NYSE:TGT) was punished by investors in early trading on Wednesday after posting a disappointing Q3 profit tally and guided below expectations for the ...

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The Minneapolis-based retail giant reported comparable sales increased 0.3% during the quarter that ended on November 2 to miss the consensus expectation of analysts for a gain of 1.5%. Guest traffic rose 2.4% in the quarter. Digital comparable sales grew 10.8%, reflecting nearly 20% growth in same-day delivery powered by Target Circle 360™ and double-digit growth in Drive Up. Target's (TGT) operating margin rate was 4.6% vs. 5.2% a year ago. Gross margin rate was 27.2% of sales, vs. 27.4% a year ago. The gross margin dip reflecting higher digital fulfillment and supply chain costs due to the cost of managing higher inventory levels, increased digital sales volume, and new supply chain facilities coming online, partially offset by lower book to physical inventory adjustments and the net impact of merchandising activities as compared to the prior year. Target (TGT) missed estimates on the EPS line, with a tally of $1.85 recorded, compared to $2.30 consensus and $2.10 a year ago. Adjusted EBITDA was $1.85 billion vs. $2.06 billion a year ago. The retailer's inventory level at the end of Q3 was $15.17 billion, compared to $11.89 billion a year ago. Target (TGT) repurchased $354 million worth of shares in the quarter. At the end of the quarter, TGT had approximately $9.2 billion of remaining capacity under the repurchase program approved by the board. For the trailing twelve months through first quarter 2024, the after-tax return on invested capital was 15.9%, compared with 13.9% for the trailing twelve months through third quarter 2023. CEO statement: \"We encountered some unique challenges and cost pressures that impacted our bottom-line performance... Looking ahead, our team is energized and ready to deliver the unique combination of newness and value that holiday shoppers can only find at Target, and we remain confident in the underlying strength and fundamentals of our business, and our ability to deliver on our longer-term financial goals\" Looking ahead, 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. Shares of Target (TGT) slid 20.3% during the premarket session. Walmart (WMT) was down 1.0%, and Costco (COST) fell 1.1% following the Target profit guidance stunner. The Target (TGT) report could be alarming to cause ripples across the retail sector (XRT).","kind":null,"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":0},"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":"4.29.1","shortVersion":"4.29.1","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/2484998197"}