Target shares tumble 10% as consumers buy fewer groceries and home goods
Publishing timestamp: 2024-05-22 11:15:58
Summary
Target's fiscal first-quarter earnings missed estimates, with sales falling about 3% year over year. The retailer saw a decline in sales of both everyday items and discretionary goods. CEO Brian Cornell mentioned "continued soft trends in discretionary categories." Target announced price cuts on everyday items and stuck with its full-year forecast, but shares were down more than 7%. Target's net income fell slightly, and total revenue declined about 3%. The company is facing challenges from inflation and competition from other discounters. Despite some encouraging trends in apparel sales, overall sales declined, with digital sales growing slightly. Target's market value is $72.07 billion, and its shares are up about 9% so far this year.
Sentiment: NEGATIVE
Tickers: WMT, GOOGL, BRK.A, TGT,
Keywords: earnings, business, breaking news: business, business news, target corp, breaking news: earnings, retail industry, walmart inc,
Source: https://www.cnbc.com/2024/05/22/target-tgt-q1-2024-earnings.html