Target Corporation (NASDAQ: TGT) shares -- an American big box department store chain and the seventh largest retailer in the US -- plunged on Wednesday after Q3 losses affecting expectations for the final quarter. As of 11:30 AM ET, Target Corp shares dropped by 14.89%.
Target Corp officially went public on Oct 18, 1967, at $34 per share. Over the years, the company has grown into an $82.4 billion market cap business.
The company announced a 52% drop in Q3 profits ahead of the holidays to $712 million, or $1.54 earnings per share. This has lowered the company’s expectations for next year.
The company’s gross margin was 24.7%, lower than the 25.6% consensus estimate. Underlying earnings fell 36% to $1.7 billion.
See the $TGT chart performance here.
Target Corp stocks reported a drop in Q3 profits, with gross margins missing analysts’ expectations. The investors' reactions come, although the company's like-for-like sales grew 2.7% year-on-year.
Since investors can’t know for sure whether the company will hit its next forecasts. It is important to focus on Target’s business. The company plans to save $2 to $3 billion over the next three years.
See full $TGT flow at: https://unusualwhales.com/stock/TGT/flow-overview
Subscribe to our newsletter for the latest financial insights and news.
