Target (TGT) shares tumbled 20% to their lowest point since No𝔉vember 2023 shortly after markets opened Wednesday following the release of the retailer'📖s third-quarter earnings report, as it missed estimates for sales and profit.

The retailer reported $25.67 billion in revenue, up from $25.40 billion a year ago but below the $25.89 billion 澳洲幸运5开奖号码历史查询:analysts expected, according to estimates compiled by Visible Alpha.

Target also reported $854 million in 澳洲幸运5开奖号码历史查询:net income, or $1.85 澳洲幸运5开奖号码历史查询:per share, d🔯own from $971 million and $2.10 per share a year ago. Analysts had expected $1.05 billion and $🌃2.28 per share.

Target 澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) Brian Cornell said the company saw a "volatile operating en❀꧋vironment" in the quarter along with "some unique challenges and cost pressures that impacted our bottom-line performance."

The retailer also lowered its expected full-year EPS outlook to a range of $8.30 to $8.90, down from $9.00 to $9.70 last quarter. Its fourth-quarter EPS estimate of $1.85 to $2.45 is below t🍸he $2.66 consensus estimate.

Target shares, which had gained almost 10% on the year through Tuesday's close, were down 21% to $121.84 soon after markets opened. That erases Target's gains since the start of the year, putting them at their lowest point since last November, when shares rose nearly 18% 澳洲幸运5开奖号码历史查询:the day Target reported third-quarter fiscal 2023 results.

Comparable Store Sales Decline 1.9%

Target, which has worked to regain 澳洲幸运5开奖号码历史查询:market share after acknowledging earlier this year that higher prices had 澳洲幸运5开奖号码历史查询:driven some customers away, saw 澳洲幸运5开奖号码历史查询:comparable store sales decline by 1.9%. Thanks to a 10.8% increase in comparable digital sales, overall comparable sales ro🍰se 0.3%.

澳洲幸运5开奖号码历史查询:Last quarter, executives said they 澳洲幸运5开奖号码历史查询:saw a consumer "willing and able to spend" as discretionary spending trends were improving in categories like apparel💫 and beauty.

The company 澳洲幸运5开奖号码历史查询:lowered prices on thousands of popular products over the summer, and recently announced a schedule of daily and weekly sales that will run through the holiday season, including a three-day "Early Black Friday" sale that took place earlier this month.

Rival Walmart (WMT) 澳洲幸运5开奖号码历史查询:beat estimates in its earnings report Tuesday, and a week full of data from competitors like TJX Companies (TJX), BJ's Wholesale Club (BJ), and others will also 澳洲幸运5开奖号码历史查询:provide investors insight into the health and behaviors of the U.S. consumer ahead of the holiday shopping season.

UPDATE—This story has been updated to reflect the latest share price information.