Target Shares Crash 19% After Weak Q4, FY24 Outlook - Update

(RTTNews) - While reporting financial results for the third quarter on Wednesday, discount retailer Target Corp. (TGT) provided earnings, adjusted earnings and comparable sales guidance for the fourth quarter, well below estimates. The company also slashed its earnings outlook for the full-year 2024.

For the fourth quarter, the company expects earnings and adjusted earnings in the range of $1.85 to $2.45 per share on approximately flat comparable sales.

On average, 32 analysts polled by Thomson Reuters expect the company to report earnings of $2.64 per share for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects earnings and adjusted earnings in a range of $8.30 to $8.90 per share. Previously, the company expected earnings and adjusted earnings in the range $9.00 to $9.70 per share. The Street is looking for earnings of $9.52 per share for the year.

In Wednesday's pre-market trading session on the NYSE, Target shares are down $29.28 or 28.90 percent to trade at $125.60.

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