Shares of Target Corp. TGT, +3.95% tumbled 14.0% in premarket trading Wednesday, after the discount broadline retailer reported fiscal third-quarter profit that was well below expectations even as revenue beat, and provided a downbeat same-store sales outlook for the current quarter. Net income for the quarter to Oct. 29 fell to $712 million, or $1.54 a share, from $1.49 billion, or 3.04 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.
"This resulted in a third quarter profit performance well below our expectations." Total revenue grew 3.4% to $26.52 billion, above the FactSet consensus of $26.41 billion, while same-store sales growth of 2.7% beat expectations for a 2.2% rise. Cost of sales increased more than total sales, rising 8.1% to $19.68 billion, as gross margin contracted to 25.8% from 29.0%. Inventory was up 14.4% from a year ago at $17.12 billion as of Oct. 31, compared with the 36.
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