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Target posted a drop in quarterly sales and lowered its full-year profit guidance on Wednesday as the big-box retailer saw choppy spending and shoppers hunting for value.

Despite its ongoing struggles, Target stuck by its sales guidance for the all-important holiday season, saying it expects sales to decline by a low single-digit percentage in the fourth quarter. It said it expects adjusted earnings per share for the year to come in between $7 and $8, lowering the high end of its previous range of $7 to $9. Much of its new range would come in lower than last year, when adjusted earnings per share were $8.86.

On a call with reporters, incoming CEO Michael Fiddelke declined to say when he thinks the company's

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