Anybody knows why Target is jumping +8% pre-market after it just slashed its full-year forecast?
https://www.cnbc.com/2023/08/16/target-tgt-earnings-q2-2023.html
“Target on Wednesday missed quarterly sales expectations and slashed its full-year forecast, as it again had trouble convincing shoppers to buy more than the necessities.
The big-box retailer cut both its full-year sales and profit expectations. Target offered a gloomier outlook even as some top economists have scrapped calls for a recession and federal data show signs inflation is cooling.
The company said it now expects comparable sales to decline by about mid single-digits for the full fiscal year and earnings per share to range from $7 to $8. It previously anticipated comparable sales would range from a low single-digit decline to a low single-digit increase, and earnings per share would come in between $7.75 and $8.75.
CEO Brian Cornell said Target’s sales and store traffic improved in July. Yet he said the company is wary about trends in the second half of the year including rising interest rates, the return of student loan payments this fall and still elevated prices of everyday items.”
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