Published on 17 Nov 2022 on MarketWatch

Target stock tumbles after ‘rapidly softening demand’ leads to another big profit miss

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Shares of Target Corp. took a beating Wednesday after the discount retailer reported yet another big earnings miss even as revenue beat, as higher markdown rates and a more cautious customer hurt profit and sales trends.

The company also surprised Wall Street by saying it expects same-store sales to decline in the current quarter, as the trends that impacted third-quarter results persisted into November.

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