– Target missed third-quarter earnings and revenue estimates and cut its full-year guidance.
– Target struggled to drive sales even after reducing prices on thousands of items.
– The results come a day after Walmart beat Wall Street expectations and hiked its outlook.
The big-box retailer reversed course and cut its full-year profit guidance, just three months after hiking that forecast
It said it expects full-year adjusted earnings per share to range from $8.30 to $8.90.
That’s lower than the $9 to $9.70 per share range that it shared in August and below the $9.55 a share expected by analysts, according to StreetAccount
Target fell short of Wall Street’s earnings per share estimate by 20%, its biggest miss in two years