Target shares plunge 20% after discounter cuts forecast, posts biggest earnings miss in two years
Posted: Nov 23, 2024
- $TGT (Target) missed quarterly earnings and revenue expectations
- Slight uptick in customer traffic despite price cuts
- Reduced full-year profit guidance, now expecting $8.30 to $8.90 per share
- Fourth-quarter comparable sales expected to be flat
- Shares fell 20% in morning trading
- Target Corporation (TGT) is a general merchandise retailer selling products through stores and online channels
- TGT offers everyday essentials and fashionable products at discounted prices
- The company serves guests at nearly 2,000 stores and online platforms
- TGT's key stats include market cap, shares out, dividend yield, and YTD % change
- Returns for TGT over 5 days, 1 month, 3 months, YTD, and 1 year show declines
- Earnings projections and events like the earnings date and dividends are important for investors
- Latest news on TGT includes insights on recent imports data and value comparisons with Walmart
- TGT's chairman is Brian Cornell and the company's senior executives are focused on strategy and finance
- Address of Target Corporation's headquarters is 1000 Nicollet Mall, Minneapolis, MN 55403, United States
What do people on Reddit think?
🚨 Reddit sentiment: mixed/negative - While there are a few positive mentions of buying opportunities and personal shopping habits, most comments express disappointment and criticize Target for various issues such as poor customer service, supply chain problems, and its ability to compete effectively. Summarized comments: - Target shares plunged 20% after largest earnings miss in two years, raising concerns about its future. - Comments reflect disappointment in Target's inability to differentiate itself from competitors like Walmart and Amazon. - Some consumers note Target's inconsistent supply chain and empty shelves. - Anecdotal reports of poor customer service and trouble finding staff in Target stores. - Some see the stock drop as a buying opportunity, with one user buying shares based on personal shopping habits. - Comparisons to Costco highlight Target's missed opportunity in leveraging its food court. - Concerns that consumer spending might be pulling back impacting more retailers beyond just Target. Stock tickers discussed: $TGT, $WMT, $COST, $AMZN
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