Tuesday, November 20, 2018

Target shares fall 10 percent after it misses profit expectations

Minneapolis-based Target spent heavily on store remodeling and on backroom operations to improve shipping times, delivery options and faster in-store pickup times. That spending contributed to a 3.3 percent decline in its operating profit.

Same store sales grew 5.1 percent during the third quarter. Digital orders — from people buying from the company's website or various mobile phone apps — contributed to more than a third of that growth.

Overall, online sales jumped 49 percent compared to last quarter. . . . more