00:00It's Benzinga bringing Wall Street to Main Street
00:02Target reported another quarter of declining revenue and store traffic,
00:06but shares rose after earnings beat estimates, and the company said it expects its sales
00:10slump to end, according to CNBC. The retailer said sales and traffic improved in the final
00:16two months of the holiday quarter, and sales turned positive year over year in February
00:21at the start of the current quarter. Target reported fourth quarter adjusted earnings of
00:25$2.44 per share on $30.45 billion in revenue, compared with expectations of $2.16 per share
00:34and $30.48 billion. The company expects about 2% net sales growth this year and adjusted earnings
00:41of $7.50 to $8.50 per share. Some customers told CNBC they are shopping elsewhere after noticing
00:49sloppier stores, weaker merchandise, and objecting to the company's rollback of major diversity,
00:54equity, and inclusion initiatives. Target acknowledged that backlash to its DI decision
01:00hurt sales and led to market share losses to competitors. Shares have fallen nearly 32%
01:05over three years, but are up nearly 16% this year. For all things money, visit Benzinga.com.
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