Benzinga
Benzinga
  • last year
Target reported second-quarter earnings that exceeded analysts' expectations, with earnings per share at $1.80 compared to an expected $1.43. This positive outcome resulted in an over 8% increase in shares during premarket trading. Despite the strong earnings, the company faced challenges with weak sales, leading to a downward revision of its full-year earnings per share guidance from $7.75-$8.75 to $7-$8. Target's stock has been struggling, losing over 20% of its value over the past three months. This decline is attributed to concerns about slowing sales and backlash related to certain decisions, including changes to the annual Pride collection. Wall Street predicted Target's first year-over-year revenue decline since 2019, estimating a roughly 3% drop in sales to $25.2 billion for the quarter.

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