Target slides after disappointing holiday guidance

  • Target reported earnings and sales that topped estimates in the third quarter.
  • It raised its guidance for the full year, but issued a lower profit forecast for the holiday season.
  • Target shares slide after the news.
  • To see Target's stock price, click here.

Target's shares slid in pre-market trading after the retailer issued an underwhelming profit forecast for the holiday season.

The company sees earnings of $1.05 to $1.25 per share in the fourth quarter, below the Wall Street estimate of $1.24. Its shares fell  more than 5% after the news.

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Despite the bleak forecast, the company reported better-than-expected same-store sales. Its sales rose 1.4% to $16.67 billion, above analyst predictions of $16.61 billion. The retailer earned an adjusted $0.91 per share, above analyst estimates of $0.88. 

"While we expect the fourth-quarter environment to be highly competitive, we are very confident in our holiday season plans,” Brian Cornell, Target's chairman and CEO said in a release.

The department store operator, like Wal-Mart and other competitors, have the difficult task of drawing customers to their stores, as consumers shift to online shopping and tech giants like Amazon

Target was down 20.93% for the year.

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ALABAMA: Target 

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ALASKA: Walmart

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ARKANSAS: Target 

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ARIZONA: Walmart 

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CALIFORNIA: Target  

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COLORADO: Target 

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CONNECTICUT: Target 

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WASHINGTON, D.C.: Macy's 

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DELAWARE: Target 

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FLORIDA: UNIQLO 

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GEORGIA: Target 

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HAWAII: Walmart 

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IOWA: Target

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IDAHO: Fred Meyer 

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ILLINOIS: UNIQLO 

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INDIANA: Target 

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KANSAS: Target 

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KENTUCKY: Target 

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LOUISIANA: Target

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MASSACHUSETTS: Primark 

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MARYLAND: Walmart

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MAINE: Target 

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MICHIGAN: Walmart 

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MINNESOTA: Target 

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MISSOURI: Target

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MISSISSIPPI: Target 

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MONTANA: Walmart

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NORTH CAROLINA: Target 

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NORTH DAKOTA: Target 

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NEBRASKA: Target 

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NEW HAMPSHIRE: Walmart 

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NEW JERSEY: Target 

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NEW MEXICO: Walmart 

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NEVADA: Walmart 

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NEW YORK: Bloomingdale's 

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OHIO: Walmart

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OKLAHOMA: Target 

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PENNSYLVANIA: Walmart 

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RHODE ISLAND: Target 

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SOUTH CAROLINA: Walmart 

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SOUTH DAKOTA: Walmart 

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TENNESSEE: Target 

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TEXAS: Target 

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UTAH: Walmart 

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VIRGINIA: Bloomingdale's

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VERMONT: Walmart 

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WASHINGTON: Fred Meyer 

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WISCONSIN: Target 

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WEST VIRGINIA: Walmart 

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WYOMING: Walmart

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