Target faced "unique challenges and cost pressures" that led to disappointing Q3 earnings, including a significant drop in EPS and lower full-year guidance.
CEO Brian Cornell noted that despite a 10.8% increase in digital sales, overall comparable sales rose only 0.3%, signaling consumer reluctance to spend.
The retailer cut its full-year EPS guidance from an expected range of $9-$9.70 down to $8.30-$8.90 in light of current challenges.
Despite a prior uptrend in 2024, Target's stock has not performed as well as competitors like Walmart and Costco, which saw significant gains.
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