Target Corporation (NYSE: TGT) reported third quarter 2022 earnings results today.
Total revenue was $26.5 billion, up 3.4% compared to the same period last year. Comparable sales rose 2.7%.
Net earnings dropped 52.1% to $712 million while EPS fell 49.3% to $1.54. Adjusted EPS declined 49.1% to $1.54.
Revenue beat estimates but earnings fell short of expectations, sending the stock plummeting 14% in premarket hours.
Target anticipates a low single digit decline in comparable sales for the fourth quarter of 2022.