Target disappointed shareholders with Q3 results below expectations and lowered guidance for Q4. The company’s stock fell $30 per share after market open on Wednesday. While in Q2 Target expressed confidence that they would recover more typical results in the back half of the year, ongoing economic pressures, uncertainty, and softening demand have challenged Target’s profitability for another quarter. Despite challenges to the bottom line, Target continued to see growth in sales and unit share, indicating that customers remain loyal to the retailer. Target also announced a multiyear, enterprise-wide evaluation of processes and efficiencies to cut $2-3B of costs.
Download the full Q3 2022 Target Earnings recap from Harvest Group with unique takeaways for suppliers here: