Target's stock plunges 18% as it misses profit targets, cuts forecasts amid Walmart's competitive pressure.

Target's shares fell 18% after the company missed profit expectations and cut its annual earnings forecast due to increased costs and market share loss to Walmart. Despite a boost in digital sales, Target struggled with higher fulfillment and supply chain expenses, leading to questions about its competitive edge against Walmart's low-cost strategy. The holiday sales outlook is also subdued.

November 20, 2024
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