Investing.com - Shares of Target (NYSE:TGT) plunged in premarket trade Tuesday, after the retailer reported fiscal third-quarter results that missed expectations.
The retail giant reported earnings per share of $1.09 on revenue of $17.59 billion in the July-Sept. quarter. Analysts had expected EPS of $1.11 on revenue of $17.71 billion.
Comparable store sales increased 5.1%, just below expectations for a gain of 5.2%.
The company said digital sales were up 49% during the quarter.
Despite the earnings miss, Target maintained its forecast for the full year.
The company continues to expects adjusted earnings per share for the fiscal year to fall within a range of $5.30 to $5.50.
"We plan to leverage our current momentum into 2019," CEO Brian Cornell said in a statement.
Target shares, which briefly plunged by as much as 11% immediately following the release of the report, were last down 6.7% by 6:55AM ET (1155GMT) to $72.54.
Target follows other major Services sector earnings this month
On October 25, Amazon.com reported third quarter EPS of $5.75 on revenue of $56.58B, compared to forecasts of EPS of $3.08 on revenue of $57.11B.
Alibaba earnings missed analyst's expectations on November 2, with second quarter EPS of $1.4 on revenue of $85.15B. Investing.com analysts expected EPS of $6.85 on revenue of $52,109M
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar