Target Chief Executive Brian Cornell is asking for patience. The U.S. retailer reported abysmal quarterly results, missing expectations and wiping out some $5 billion of stock-market value in the process. Pressures from the likes of Wal-Mart and Amazon are clearly taking a toll. A 34 percent jump in online sales is encouraging but Target will continue to struggle with changing shopping habits.
The now $33 billion retailer known for its bull's-eye red-and-white logo said its adjusted earnings forecast for 2017 will be in the range of $3.80 to $4.20 per share, well below the $5 that analysts had previously forecast. Same-store sales are expected to decline rather than increase slightly, as analysts originally expected.