Target (TGT) stock is dragging the retail sector today, after the company's worst earning miss in two years and disappointing full-year outlook. Apparel names Abercrombie & Fitch Co (NYSE:ANF), Macy's Inc (NYSE:M), and Urban Outfitters, Inc. (NASDAQ:URBN) have third-quarter reports due out before and after the close on Tuesday, Nov 26. With Black Friday coming up as well, now is a good time to check in with these stocks.ANF is down 2.4% to trade at $139.24 at last check, pacing for a third-straight daily lo ...

Target on Wednesday reported earnings and revenue far below expectations, and cut its full-year forecast as inflation-battered customers fled to rivals like Walmart for low-priced essentials — sending shares plummeting more than 20%. The Minneapolis-based company reported a 20% earnings miss, posting earnings per share of $1.85, below expectations of $2.30. It was Target’s largest miss in two years.The disappointing results are in stark contrast to the world’s no. 1 retailer Walmart, which raised its annual ...

Financial Data and Key Metrics Changes - The company's comparable sales increased by 0.3%, which was near the low end of the expected range, while EPS came in below expectations due to soft discretionary trends and multiple cost headwinds [66][68] - Operating income grew by 6.7% through the first three quarters of the year, despite headwinds affecting EPS [8] - GAAP and adjusted EPS for Q3 was $1.85 compared to $2.10 a year ago, with year-to-date EPS increasing by 8.3% compared to last year [72][66] Business Line Data and Key Metrics Changes - Digital sales grew nearly 11% in Q3, with same-day delivery powered by Target Circle 360 increasing nearly 20% [10][67] - Beauty category saw a comp increase of more than 6%, while apparel experienced a slight decline of less than 1% [26][28] - Home and hardlines categories continued to show softness in Q3, with comp sales down in the mid-single digits [30][11] Market Data and Key Metrics Changes - Traffic grew by 2.4% in Q3, resulting in over 10 million incremental transactions compared to last year [8][66] - The company faced challenges in discretionary categories, with consumers shopping cautiously due to stretched budgets [12][66] - The overall market environment remains volatile, with consumers becoming more resourceful and focused on deals [22][12] Company Strategy and Development Direction - The company remains confident in its long-term strategy, focusing on traffic growth and making investments to deliver profitable growth [8][18] - Target is investing in its digital experience, store remodels, and technology, including AI, to enhance customer service and operational efficiency [19][18] - The company is also focused on maintaining a strong inventory position and preparing for the holiday season [17][48] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in Q3, including supply chain issues and increased costs, but expressed confidence in the company's ability to navigate these challenges [13][46] - The outlook for Q4 anticipates comparable sales to be around flat, reflecting continued softness in discretionary categories [79][82] - Management emphasized the importance of consumer engagement and the need to adapt to changing consumer behaviors [91][12] Other Important Information - The company enrolled nearly 3 million new Target Circle members in Q3, which helps drive traffic and sales [16] - The company is planning for a robust holiday season with various promotions and exclusive product offerings [34][32] - The company is committed to maintaining a clean inventory position as it approaches the end of the fiscal year [82][79] Q&A Session Summary Question: Can you quantify the unique costs mentioned and how they are split among gross and SG&A? - Management indicated that the profit impact of softer sales in high-margin categories was significant, and unique costs related to prepositioning inventory for port strikes were incurred [96][97] - SG&A costs increased due to higher general liability and healthcare costs, approximately 1% of the increase in SG&A [99] Question: Does the approach change given the consumer is not showing up? - Management expressed confidence in continuing to push through with newness and innovation while being cautious in planning for Q4 [100]

Target Corporation (TGT) reported third-quarter fiscal 2024 results, with the top and bottom lines falling short of the Zacks Consensus Estimate. While revenues saw a slight increase, earnings took a significant hit compared to the prior year due to cost pressures.This Minneapolis, MN-based company posted comparable sales growth, but the pace slowed considerably from the preceding quarter. While comparable store sales declined, the drop was more than offset by an increase in comparable digital sales.In resp ...

Target TodayTGTTarget$122.95 -33.05 (-21.19%) 52-Week Range$120.99▼$181.86Dividend Yield3.64%P/E Ratio12.70Price Target$174.80Add to WatchlistWhile Target NYSE: TGT has been a bellwether of retail sector health in recent years, it is not today. The company’s lackluster results are due to its operational quality and lack of relevance in an environment where consumers are budget-conscious. Results from other retailers, including Walmart NYSE: WMT, The TJX Companies NYSE: TJX, and Williams-Sonoma NYSE: WSM, s ...

Target (TGT) reported $25.67 billion in revenue for the quarter ended October 2024, representing a year-over-year increase of 1.1%. EPS of $1.85 for the same period compares to $2.10 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $25.91 billion, representing a surprise of -0.94%. The company delivered an EPS surprise of -19.21%, with the consensus EPS estimate being $2.29.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...

Target shares tumbled on Wednesday after the retailer severely missed Wall Street's quarterly earnings estimates and cut its full-year profit guidance.  The retailer's stock fell 19% during morning trading after it said it's taking a more cautious stance for the most critical quarter in the retail industry after seeing weakness in certain discretionary categories despite slashing prices on 2,000 items this holiday season to drive traffic. WALMART AND TARGET ARE CUTTING PRICES TO ENTICE CUSTOMERS  Target CEO ...

ToplineShares of Target dropped by 18% on Wednesday, pacing what would be the stock’s worst day in more than two years after the retailer announced third-quarter earnings and revenue that fell below analyst expectations.CHICAGO - MAY 23: Shopping carts sit inside a Target store on May 23, 2007 in Chicago, Illinois. ... [+] Today, Target Corp. reported an 18 per cent increase in their first-quarter profit, beating analysts' expectations. (Photo by Scott Olson/Getty Images)Getty Images Key FactsTarget’s share ...

ToplineShares of Target dropped by 16% in premarket trading on Wednesday, pacing what would be the stock’s worst day in more than two years after the retailer announced third-quarter earnings and revenue that fell below analyst expectations.CHICAGO - MAY 23: Shopping carts sit inside a Target store on May 23, 2007 in Chicago, Illinois. ... [+] Today, Target Corp. reported an 18 per cent increase in their first-quarter profit, beating analysts' expectations. (Photo by Scott Olson/Getty Images)Getty Images Ke ...

Milestone transaction will mark the first time a Korean insurance company has acquired a controlling interest in a foreign brokerage firmSEOUL, South Korea and NEW YORK, Nov. 20, 2024 /PRNewswire/ -- Hanwha Life, South Korea's first life insurance company, today announced it has agreed on the 18th to acquire a 75% stake in the parent of Velocity Clearing, a U.S.-based global financial services firm. The Velocity Clearing management team will retain the remaining minority stake. With this acquisition, Hanwha ...