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Target Corp. plunged 9.5% to $96.90 after the big-box retailer reported a decline in sales in the second quarter, and same-store sales and consumer transactions also declined.

Consolidated revenue in the fiscal second quarter ending on August 2 edged down 0.9% to $25.2 billion from $25.4 billion, net income plunged 22% to $935 million from $1.2 billion, and diluted earnings per share fell to $2.06 from $2.58 a year ago.

During the second quarter, Target increased dividends per share by 1.8% and paid $509 million to its shareholders.

Comparable sales declined 1.9% in the fiscal second quarter, driven by a 3.2% drop in comparable store sales, partially offset by a 4.3% increase in comparable digital sales.

For the fiscal year, the company retained its outlook of a single-digit decline in sales and earnings per share between $8.0 and $10.0.

The retailer estimated adjusted earnings per share, which excludes gains from litigation settlements in the first quarter, to fall between $7.0 and $9.0.

In addition, the company announced that the longtime CEO Brian Cornell would retire in February, and chief operating officer Michael Fiddelke, a two-decade veteran at the company, will assume the post on February 1.

21 Aug, 2025

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