Target on Wednesday missed quarterly sales expectations and slashed its full-year forecast, as it again had trouble convincing shoppers to buy more than necessities.
The big-box retailer cut both its full-year sales and profit expectations. Target offered a gloomier outlook even as some top economists have scrapped calls for a recession and government data shows signs inflation is cooling.
The company said it now expects comparable sales to decline by about mid single digits for the full fiscal year and earnings per share to range from $7 to $8. It previously anticipated comparable sales would range from a low single-digit decline to a low single-digit increase, and earnings per share would come in between $7.75 and $8.75.
Target’s struggling shares surged in premarket trading despite the soft forecast, as its fiscal second-quarter earnings topped expectations and inventory levels improved. Investors also have had low expectations for the company, reflected in a sharp drop in its…
2023-08-16 07:47:44
Original from www.cnbc.com