Target Q3 Comparable Sales, Earnings Fall, Shares Drop 11%
Target Corp reported third-quarter earnings and comparable sales below estimates on Tuesday, at a time when a strong economy has boosted consumer spending at rival retailers, sending its shares down 11% in premarket trade.
Sales at stores open at least a year rose 5.1%, short of analysts' estimates of a 5.2% increase, according to IBES data from Refinitiv.
Excluding items, Target earned $1.09 per share, below the average estimate of $1.12 per share.
Total sales amounted to $17.59 billion (€15.4 billion), below the average estimate of $17.8 billion.