• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Target stock falls 21% as big discounting effort falls short

by November 21, 2024
written by November 21, 2024

Target reported earnings Wednesday that came in far below Wall Street’s expectations, something the big-box retailer attributed to slower than expected demand.

The company announced profits that fell short of forecasts by 20%, its widest miss in two years. Revenues, meanwhile, came in under expectations for the first time in more than a year.

Target’s stock, as a result, fell more than 21% Wednesday.

The discouraging results came despite a heavily touted campaign to discount thousands of items, as well as a pushed-up holiday sale.

On a call with reporters, Target CEO Brian Cornell blamed the dismal quarter on “lingering softness in discretionary categories,” as well as costs associated with preparing for the short-lived port strike in October.

Target Chief Operating Officer Michael Fiddelke added that it was “disappointing that a deceleration in discretionary demand combined with some cost pressures have caused us to take our guidance back down after raising it last quarter.”

The company lowered its profit and sales goals for the year, though Fiddelke said Target feels confident in its long-term outlook.

Broader stock trading did not immediately react, however, as Wall Street awaits earnings from chipmaker Nvidia, which has helped power the market higher throughout the year. Yet, combined with other indicators like slower holiday hiring, it could be a signal that sales for the all-important final calendar quarter could be softer than hoped.

Target’s report comes a day after rival Walmart reported earnings and revenues that beat expectations.

Yet, even Walmart noted that customers were still holding back in many cases for compelling deals, especially as the cost of food has risen.

“We’re expecting this holiday period to be very consistent with that,” Walmart Chief Financial Officer John David Rainey told CNBC. “They’re focused on price and value.”

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
RFK Jr’s abortion ‘issue’: Senate GOP plans to scrutinize Trump HHS pick’s position
next post
Trump picks former congressman Pete Hoekstra to be ambassador to Canada

related articles

Nvidia results spark global chip rally

May 30, 2025

Boeing to resume airplane deliveries to China next...

May 29, 2025

E.l.f. Beauty to acquire Hailey Bieber skin care...

May 29, 2025

Dick’s Sporting Goods stands by full-year guidance —...

May 28, 2025

Macy’s CEO says retailer will hike some prices...

May 28, 2025

23andMe to delist from Nasdaq, deregister with SEC

May 28, 2025

Walmart fined for shipping realistic toy guns to...

May 28, 2025

Why Trump’s iPhone tariff threat might not be...

May 25, 2025

Trump clears Nippon merger with U.S. Steel

May 24, 2025

United Airlines reaches ‘industry-leading’ labor deal with flight...

May 24, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • ‘It’s a setback’: Democrats criticize Biden over Hunter pardon

    December 2, 2024
  • Marco Rubio to Chinese foreign minister: Trump will put ‘American people first’ in US-China relations

    January 25, 2025
  • Kirby slams Hamas chief Sinwar as ‘the major obstacle’ to cease-fire, hostage release deal with Israel

    September 22, 2024
  • House GOP’s budget impasse thaws just as winter storm sacks Capitol

    February 13, 2025
  • VolShares to launch first-ever Solana futures ETFs in US tomorrow

    March 19, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 3

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 4

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (4,723)
  • Investing (624)
  • Stock (773)

Latest Posts

  • Ethereum continues to hold above weekly support at $3250

    July 31, 2024
  • General Motors delays electric vehicle expansion amid strategic adjustments

    July 23, 2024
  • Morning Glory: What if Israelis could vote in U.S. elections?

    September 24, 2024

Recent Posts

  • Nifty and German 40: Nifty still at the support level

    August 8, 2024
  • Fetterman: Those hoping Trump fails are ‘rooting against the nation’

    December 22, 2024
  • Oil and Natural Gas: Oil climbed to a new weekly high

    August 9, 2024

Editor’s Pick

  • Tim Walz slams Elon Musk as a ‘dips—‘ during rally with Obama in Wisconsin

    October 22, 2024
  • Hugo Boss sells Russian business to Stockmann, exits market over Ukraine invasion

    August 5, 2024
  • India’s TCS reports sharp decline in Q1 deal wins, order book at $8.3 billion

    July 11, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock