Discount retailer Target Corp. (TGT) reported Wednesday that third-quarter net profit halved from last year, reflecting a 330 basis points drop in gross margins, driven primarily by markdowns in an increasingly challenging environment. Both earnings per share and quarterly revenues also missed analysts' estimates. The retailer also provided comparable sales guidance for the fourth quarter.
In pre-market activity on the NYSE, Target shares were plummeting $25.68 or 14.35 percent to trade at $153.30.
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