shares fell Wednesday, as the big-box retailer opted to emphasize its focus on value as prices of groceries, fuel and other goods rise.
Target CEO Brian Cornell said on a call with reporters that the company is absorbing some of the higher costs it's seeing, rather than passing it on to customers. That strategy could squeeze margins. It also raised its fourth-quarter forecast, predicting comparable sales could rise at between a high-single digit and low double-digit pace in the holiday period. Previously, it estimated a high single-digit increase.
Total revenue rose 13% to $25.65 billion from the same period a year ago, slightly above analysts' expectations of $24.78 billion.
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