Target reported earnings Wednesday that came in far below Wall Street's expectations, something the big-box retailer attributed to slower-than-expected demand.
The company announced profits that missed forecasts by 20%, its widest miss in two years.
Broader stock trading did not immediately react, however, as Wall Street awaits earnings from chipmaker Nvidia, which has helped power the market higher throughout the year.
Target's report comes a day after rival Walmart reported earnings and revenues that beat expectations.
“We’re expecting this holiday period to be very consistent with that,” Walmart Chief Financial Officer John David Rainey told CNBC.
Persons:
Brian Cornell, Michael Fiddelke, “ We’re, John David Rainey, “ They’re
Organizations:
Target, Nvidia, Walmart, CNBC