Nearly a year after Target’s decision to tear down the gender barrier in Target store bathrooms, the aftermath has been simply crushing for the progressive company.
The new 2017 fiscal reports show that the holiday season was particularly difficult for the retailer, coming way short of Wall Street’s expectations.
On Tuesday, Target’s stock price sank more than 13 percent in early trading, putting it on pace for its worst day since Aug. 31, 1998, when the company shed more than 16 percent.
Here’s how the company did:
- EPS: $1.45 per share, excluding items, versus $1.51 per share expected by Thomson Reuters analysts’ consensus.
- Revenue: $20.69 billion versus $20.7 billion expected by Thomson Reuters.
- Same-store sales: A decline of 1.5 percent versus the 1.4 percent decline expected by FactSet.
A year earlier, Target earned $1.52 a share on $21.6 billion in revenue.
“Our fourth-quarter results reflect the impact of rapidly changing consumer behavior, which drove very strong digital growth but unexpected softness in our stores,” Target CEO Brian Cornell, the one who pushed the transgender bathroom agenda, said in a statement.
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