Investing.com - U.S. retail giant Target saw shares drop more than 4% in pre-market trade after reporting lower-than-expected third quarter earnings and revenue earlier in the day.
In its third quarter earnings report, Target said earnings per share came in at USD0.54, below expectations for earnings of USD0.62 per share.
The company’s third quarter revenue totaled USD17.26 billion, missing forecasts for revenue of USD17.38 billion.
Target’s third quarter U.S. comparable sales increase of 0.9% was near the low end of prior guidance.
“Target’s third quarter financial results reflect continued strong execution in our U.S. Segment in an environment where consumer spending remains constrained,” said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation.
Following the release of the report, Target shares fell 4.5% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was mildly higher. The Dow Jones Industrial Average futures pointed to a gain of 0.25% at the open, S&P 500 futures added 0.25%, while the Nasdaq 100 futures indicated a gain of 0.3% at the open.