Consumer
Target Cuts Outlook, Misses Big on Profit as Its Shoppers Retrench
- CEO warns retailer’s sales trends weakened sharply last month
- Company seeks up to $3 billion in cost cuts, no mass layoffs
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Target Corp.’s shares tumbled after the retailer warned in its latest earnings report that US shoppers are pulling back, slamming profit and dimming the outlook.
Adjusted earnings tumbled to $1.54 a share in the fiscal third quarter, the company said Wednesday. That was below the lowest analyst estimate.