Target Earnings Topped Estimates. Its Stock Is Dropping.

Text size

Customers wait on line outside a Target store

Michael Loccisano/Getty Images

Target stock is falling after the big-box retailer reported earnings that beat expectations.

Target reported an adjusted profit of $3.64 a share, beating forecasts for $3.49 a share, on sales of $25.16 billion, beating expectations for $24.99 billion. Target also said that same-store sales would grow in the high single digits during the second half of the year, neat the top end of its guidance. Target said it would buy back $15 billion worth of stock.