Target stock tanks as profit misses estimate [MSN Money]
Walmart Inc. (WMT)
Last walmart inc. earnings: 2/18 06:00 am
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Source: MSN Money
Target said Tuesday that third-quarter profit missed estimates as investments in its online business, higher wages and price cuts hurt margins and a big jump in inventory ahead of the critical holiday season worried investors. Load Error Target shares tumbled as much as 15 percent as the retailer also reported that comparable sales missed expectations. The stock was down more than 10 percent in early afternoon trading. The third-quarter performance was in sharp contrast to rivals Walmart Inc and Macy's Inc, which raised their forecasts for the current year as a strong economy boosted consumer spending. Addressing the margin pressures, Chief Executive Officer Brian Cornell reiterated on a conference call that its efforts to boost growth involves a commitment of resources, which explains why I've already used the word investment five times in these remarks. Target expects to deliver a strong holiday performance by expanding its toy department in more than 500 stores,
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