Target misses on profit, shares slide

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MINNEAPOLIS (AP) – Target is falling sharply before the opening bell after it missed profit expectations for the third quarter, the last look at the retailer’s performance as it heads into the holiday shopping season.

The company on Tuesday posted net income of $622 million, or $1.17 per share. Per-share earnings without one-time benefits and pretax gains were $1.09, 2 cents short of expectations, according to a survey by Zacks Investment Research.

Revenue for the Minneapolis retailer was $17.82 billion, just edging out Wall Street expectations.

Target expects full-year earnings in the range of $5.30 to $5.50 per share.
Shares of Target Corp. are down 11 percent.

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Portions of this story were generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on TGT at https://www.zacks.com/ap/TGT

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