The pandemic-era boom for retailer (NYSE: TGT) is starting to unwind, although some of the company's biggest wins are still delivering. The company reported a 5.4% decline in comparable sales in the second quarter. Food, beverage, essentials, and beauty performed well, while discretionary categories struggled.
While Target's bottom line improved dramatically from last year when the company was taking drastic action to reduce inventory levels, the company nevertheless slashed its outlook for the full year. It now expects a mid-single-digit decline in comparable sales for the rest of the year, and adjusted earnings per share should come in between $7 and $8. That's down from a previous range of $7.75 to $8.75.
While shares of Target rose following the second-quarter earnings report, the stock remains down about 60% from its pandemic-era high. Should investors bet on a turnaround?
Source Fool.com