Target shares tumble as sales drop, outlook cut

August 17, 2016 1:23 PM

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Target (TGT) said Wednesday second-quarter earnings fell 9.7% to $680 million and lowered its sales estimate for the rest of the year, citing "a difficult retail environment."

Adjusted earnings per share totaled $1.23, higher than the $1.13 predicted by analysts who were polled by S&P Global Capital Intelligence.

Also read: Early U.S. Cyber Monday sales point to 9 percent rise; fewer deals

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