{"id":19826,"date":"2022-08-17T08:34:50","date_gmt":"2022-08-17T15:34:50","guid":{"rendered":"https:\/\/marketdepth.com\/?p=19826"},"modified":"2022-08-18T12:14:36","modified_gmt":"2022-08-18T19:14:36","slug":"target-releases-second-quarter-results","status":"publish","type":"post","link":"https:\/\/marketdepth.com\/target-releases-second-quarter-results\/","title":{"rendered":"Target Stock Plunges After Announcing Second-Quarter Results"},"content":{"rendered":"\n
Target (TGT:NYQ)<\/strong> announced second-quarter earnings on Tuesday, which came far below their guidance. In early June, Target announced a cut to its second-quarter guidance but didn’t meet its target. Target’s quarterly profit fell by 90% from the previous year’s. They stated that markdowns on unwanted items would affect Target’s bottom line.<\/p>\n\n\n\n Target’s stock is down 3% intraday but says it’s poised for a turnaround and looks toward the holiday season.<\/p>\n\n\n\n \u201cIf we hadn\u2019t dealt with our excess inventory head on, we could have avoided some short-term pain on the profit line, but that would have hampered our longer-term potential. While our quarterly profit took a meaningful step down, our future path is brighter.\u201d<\/p>Chief Financial Officer Michael Fiddelke<\/cite><\/blockquote>\n\n\n\n Target’s earnings per share came in at $.39 versus $.72, and revenue came in as expected at $26.04 billion. The company saw explosive growth over the covid pandemic, but difficulty getting product off the shelves have taken a toll on its balance sheet. The company has cut its financial outlook twice this year, in May and then in June as the inventory backlog persists. <\/p>\n\n\n\n “I’m really pleased with the underlying performance of our business, which continues to grow traffic and sales while delivering broad-based unit-share gains in a very challenging environment.”<\/p>CEO Brian Cornell<\/cite><\/blockquote>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":"Target (TGT:NYQ) announced second-quarter earnings on Tuesday, which came far below their guidance. In early June, Target announced a cut to its second-quarter guidance but didn’t meet its target. Target’s quarterly profit fell by 90% from the previous year’s. They stated that markdowns on unwanted items would affect Target’s bottom line. Target’s stock is down… View Article<\/a>","protected":false},"author":3,"featured_media":19827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"pmpro_default_level":0,"footnotes":""},"categories":[10,31,17,12,16],"tags":[],"acf":[],"yoast_head":"\n