Target's Q3 results were disappointing, with diluted earnings per share dropping 11.9%, despite a slight revenue growth of 1.1% year-over-year. Analysts anticipated higher earnings.
Michael Fiddelke, the COO, explained that stocking up on inventory ahead of an October port strike impacted efficiency, stating, 'It meant we were fuller a little bit earlier in the quarter than we would like to be.'
Brian Cornell, Target's CEO, noted the issue of 'lingering softness in discretionary categories' affecting revenues, suggesting broader economic factors may be in play.
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