Why Target Stock Went in Reverse Today
Shares of Target (NYSE: TGT) were down 13.7% as of 10:39 a.m. ET on Wednesday after the retailer reported a disappointing quarter. While revenue slightly beat Wall Street's expectations, earnings per share widely missed the consensus estimate.
Moreover, the company guided for a wider range of outcomes for the holiday quarter than expected, which weighed on the stock. Year to date, shares have fallen 32% over weakening sales and margins.
While the company delivered growth in comparable-store sales (comps) and gained market share across merchandise categories, management reported softening sales trends toward the end of the quarter.
Source Fool.com
