Target (TGT) is now saying that its same store sales for April will come in below the 2% to 4% forecast. For the second quarter, the retailer expects same store sales to be 3% to 4%, not the 4% to 6% previously forecast.
According to MarketWatch: "ThinkEquity analyst Edward Weller said that implies that April’s results will tumble by 8% to 9%." While it is hard to say where he came up with that number, he probably has one of those Texas Instruments science calculators, we 247 Wall St. has no reason to doubt him.
There is also no reason to believe that the company’s shares will not be punished. The stock closed at $61.43, but fell 2.7% after hours.
And, that is probably just the beginning.
Douglas A. McIntyre
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