The retailer cut its full-year financial guidance and reported sales growth of just 0.3%.
Target shares plunged as much as 18% in premarket trading after the retailer posted disappointing third-quarter earnings and lowered its financial guidance for the year.
On Wednesday, Target reported adjusted earnings per share of $1.85, down just under 12% year-over-year.
AdvertisementIn the release, Target also cut its full-year financial guidance, saying it expects earnings per share of between $8.30 and $8.90.
At its second-quarter earnings in August, the retailer said it expected full-year EPS of between $9 and $9.70.
Persons:
Brian Cornell
Organizations:
Analysts, Revenue, Target Corporation, Target, Walmart, Costco