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Target shares tumbled on Wednesday after the retailer severely missed Wall Street’s quarterly earnings estimates and cut its full-year profit guidance.
The retailer’s stock fell 19% during morning trading after it said it’s taking a more cautious stance for the most critical quarter in the retail industry after seeing weakness in certain discretionary categories despite slashing prices on 2,000 items this holiday season to drive traffic. Shares are on pace for the worst day since May 2022, as tracked by Dow Jones Market Data Group.
WALMART AND TARGET ARE CUTTING PRICES TO ENTICE CUSTOMERS
Target CEO Brian Cornell said the company “encountered some unique challenges and cost pressures” that impacted its bottom-line performance over the last three-month period.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 123.75 | -31.13 | … |
