Target (TGT) Stock Slips on Earnings Miss

MortimerDodd
2022-08-18
  • Target(TGT) reported disappointing earnings this morning.
  • The company grew its comparable sales, but couldn't match analysts' profit forecasts.
  • TGT stock declined 2% in early trading today.

Today is a big day forTarget(NYSE:TGT) investors as the company just reported itssecond-quarter 2022 financial results. Even while Target highlighted its comparable sales growth, TGT stock traders couldn’t shake off the company’s profit miss.

Target is among the largest big-box retail store chains in America. So, today’s traders looked to Target to beat the Street and deliver powerful results. However, it appears the company fell short in certain crucial areas.

It emphasized that it increased its comparable sales by 2.6% year over year (YOY), on top of 8.9% growth last year. This might not be a great selling point, though, as it implies slowing growth in this regard.

Plus, here’s the main reason why today’s traders are in a sour mood. Target announced second-quarter 2022 GAAP earnings per share, or EPS, of 39 cents, down 89.2% from $3.65 in the year-earlier quarter. Meanwhile, analysts had modeled EPS of72 cents per share.

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