Target Cuts Annual Forecast After Sales Decline Last Quarter
- Retail chain faces ‘difficult retail environment,’ CEO says
- Still, cost cuts helped profit top estimates last quarter
Target Cuts Forecast, Lowe's Disappoints on Profit
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Target Corp. cut its annual forecast after the retail chain’s sales slumped last quarter, hit by what Chief Executive Officer Brian Cornell described as a “difficult retail environment.”
The company now expects earnings of $4.80 to $5.20 a share, excluding some items, compared with an earlier forecast of as much as $5.40. Target also trimmed its projections for sales in the second half of the year, blaming sluggish demand. The shares tumbled as much as 7.4 percent in the wake of the results.