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.

$Target(TGT)$

US Stocks Opportunities
Here are a theme that collects the best quality or your most bullish US stocks, Share your thoughts here!
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
1