Target Corporation reported weaker-than-expected earnings and revenue for the third quarter, marking its largest earnings miss in two years. The retailer also revised its full-year profit guidance downward, citing challenges in discretionary spending and higher supply-chain costs. Target forecasts flat comparable sales for the fourth quarter, encompassing online sales and stores open for at least thirteen months. Customer traffic increased, boosted by strong digital sales growth, but same-store sales experienced a decline. Target lowered prices on 10,000 items this year but struggled to attract steady traffic, particularly in discretionary categories.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Target Corporation reported weaker than expected earnings and revenue for the third quarter,
00:06marking its largest earnings miss in two years.
00:09The retailer also revised its full-year profit guidance downward,
00:12citing challenges in discretionary spending and higher supply chain costs.
00:16Target's forecast flat comparable sales for the fourth quarter,
00:20encompassing both online sales and stores open for at least 13 months.
00:25Customer traffic increased, boosted by strong digital sales growth,
00:28but same-store sales experienced a decline.
00:31Target lowered prices on 10,000 items this year,
00:34but struggled to attract steady traffic, particularly in discretionary categories.