Target Corp. (NYSE:TGT) reported a fiscal third-quarter profit of $854 million on Wednesday, falling short of Wall Street’s expectations in a challenging economic landscape.
The company’s net income translated to $1.85 per share, missing the $2.29 per share forecasted by analysts surveyed by Zacks Investment Research.
Revenue for the quarter also lagged behind estimates, coming in at $25.67 billion, slightly below the $25.91 billion projected by analysts.
The disappointing results highlight ongoing pressures in the retail sector as consumers tighten their spending amid inflationary concerns.
Looking ahead to the holiday season, traditionally a critical period for retailers, Target expects fourth-quarter earnings to range between $1.85 and $2.45 per share.
For the full fiscal year, the company projects earnings between $8.30 and $8.90 per share.