Target's Earnings Miss Sparks Stock Plunge and Revised Outlook

Facing inflation and supply chain costs, Target's third-quarter earnings fall short, leading to a cautious holiday forecast.

Target's third-quarter earnings fell 12% with a net income of $854 million, missing Wall Street expectations.
Sales rose slightly to $25.67 billion, but fell short of the anticipated $25.9 billion, leading to a 20% drop in stock value.
Despite increased customer traffic and digital sales, discretionary spending remained weak, especially in apparel and home goods.
Target faced additional costs from supply chain disruptions due to a brief dockworker strike, impacting profit margins.
The retailer has adjusted its full-year earnings guidance downward, projecting flat sales for the holiday quarter.