Target (TGT) stock is dragging the retail sector today, after the company's worst earning miss in two years and disappointing full-year outlook.
Target said its earnings were hit by hesitancy from cash-strapped consumers and a costly rush on shipments in anticipation of lengthy East Coast port strikes.
Target (TGT) shares sank in Wednesday's pre-market trading, the retail giant reeling from its third quarter earnings miss that saw same-store sales rise only 0.3%. Target cut its full-year forecast ahead of the holiday shopping season.
Target Corporation (NYSE:TGT ) Q3 2024 Earnings Conference Call November 20, 2024 8:00 AM ET Company Participants John Hulbert - VP, IR Brian Cornell - Chair and CEO Rick Gomez - CCO Michael Fiddelke - COO Jim Lee - CFO Conference Call Participants Simeon Gutman - Morgan Stanley Rupesh Parikh - Oppenheimer Kate McShane - Goldman Sachs Michael Lasser - UBS Robby Ohmes - Bank of America Operator Ladies and gentlemen, thank you for standing by. Welcome to the Target Corporation Third Quarter Earnings Release Conference Call.
Target experiences a 2.4% increase in guest traffic during the third quarter, though the average transaction amount declines 2%.
Target's latest earnings report has some concerning takeaways for other retailers ahead of the holidays. Transcript: Conway Gittens: I'm Conway Gittens reporting from the New York Stock Exchange.
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Target stock is down big after the retailer missed expectations for its third quarter and slashed its full-year outlook. Here's what Wall Street is saying.
While Target NYSE: TGT has been a bellwether of retail sector health in recent years, it is not today. The company's lackluster results are due to its operational quality and lack of relevance in an environment where consumers are budget-conscious.
Although the revenue and EPS for Target (TGT) give a sense of how its business performed in the quarter ended October 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Target CEO Brian Cornell told analysts on Wednesday that there was "continued softness" in certain discretionary categories "as consumers continue to spend cautiously."
U.S. stocks traded mostly lower this morning, with the Nasdaq Composite falling by more than 50 points on Wednesday.