Shares of Target Corporation (TGT) are falling more than 14% Wednesday morning after reporting lower profit in the third quarter, below analysts’ view.
Profit for the quarter declined more than 50% to $712 million or $1.54 per share from $1.488 billion or $3.04 per share in the same quarter a year ago. Earnings missed the average estimate of analysts polled by Thomson-Reuters of $2.13 per share.
Quarterly sales, however, increased to $26.12 million from $25.29 million last year, but missed the consensus estimate at $26.38 billion.
Looking forward, the company sees a low-single digit decline in comparable sales for the fourth quarter.
TGT, currently at $153.27, has been trading in the range of $137.16-$257.17 in the last 1 year.
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