Target stock down 14% after Q3 EPS miss by $0.64, revenue of $26.52B beats by $120M
Nov. 16, 2022 6:32 AM ETTarget Corporation (TGT)By: Niloofer Shaikh, SA News Editor49 Comments
- Target press release (NYSE:TGT): Q3 Non-GAAP EPS of $1.54 misses by $0.64.
- Revenue of $26.52B (+3.4% Y/Y) beats by $120M.
- Shares down 14% PM.
- Comparable sales increased 2.7%, on top of 12.7% growth last year, driven by 1.4 % traffic growth and a 1.3%increase in average ticket.
- Based on softening sales and profit trends that emerged late in the third quarter and persisted into November, the company believes it is prudent to plan for a wide range of sales outcomes in the fourth quarter, centered around a low-single digit decline in comparable sales, consistent with those recent trends. Similarly, the Company is now planning a wide range for its fourth quarter operating margin rate centered around 3 percent.