Target shares slide after disappointing profit outlook
On the good-news side, Target raised its Q4 earnings guidance as more shoppers flocked to its stores over the holidays. The retailer now expects comparable sales to grow around 1.5%, largely thanks to its discount and sales events. But on the bad-news side, Target shares fell around 4% after the company failed to raise its profit expectations for the quarter.
Target follows retailers including Nordstrom, Lululemon, Abercrombie & Fitch, and American Eagle in raising guidance for the holiday quarter, yet seeing lackluster stock movements. Meanwhile, US retail sales rose 0.4% for December, which was less than what Wall Street expected.
Target follows retailers including Nordstrom, Lululemon, Abercrombie & Fitch, and American Eagle in raising guidance for the holiday quarter, yet seeing lackluster stock movements. Meanwhile, US retail sales rose 0.4% for December, which was less than what Wall Street expected.
