Target shares plunge 15% after discounter cuts forecast, posts biggest earnings miss in two years [CNBC]
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Source: CNBC
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. Target on Wednesday missed Wall Street's quarterly earnings and revenue expectations and posted only a slight uptick in customer traffic, despite the discounter's price cuts on thousands of items and its early holiday sale. 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 now expects fourth quarter comparable sales to be approximately flat. That metric includes sales on its website and stores open at least 13 months. Target missed Wall Street's earnings per share estimate by 20%, its bigges
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