Target is tumbling after disappointing earnings, and it's dragging Kohl's and Best Buy with it (TGT, KSS, BBY)

pulse

November 20, 2018 4:07 PM

Target slumped Tuesday after posting weaker-than-expected Q3 earnings. Retailers including Kohl's and Best Buy fell even after reporting strong results.

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Target is tumbling early Tuesday, down as much as 12%, after posting weaker-than-expected earnings for the third quarter. The results, and a broader market sell-off, are outweighing strong earnings from other retailers such as Kohl's and Best Buy

Target reported adjusted earnings per share of $1.09, which was $0.03 lower than what analysts surveyed by Bloomberg were expecting. It generated $17.8 billion in sales versus $17.7 billion expected. Meanwhile, its same-store sales increased 5.1%, while analysts were expecting 5.2% growth.

Brian Cornell in a press release.

Target's disappointing results are overshadowing other retailers that also delivered third-quarter earnings on Tuesday. Kohl's topped sales and profit forecasts and raised its full-year guidance, but shares tumbled as much as 12% early Tuesday. Similarly, Best Buy beat on both the top and bottom lines and lifted its outlook, but shares dropped as much as 2%.