Goal missed the mark on its latest quarterly earnings expectations.
The Minneapolis-based retailer reported earnings Wednesday before the market opened, revealing quarterly profits that were nearly cut in half because the firm continues to work through excess inventory issues and battles inflationary pressures. The corporate lowered its fourth quarter expectations because of this, causing its shares to fall by nearly 14 percent in pre-market hours.
“Within the latter weeks of the quarter, sales and profit trends softened meaningfully, with guests’ shopping behavior increasingly impacted by inflation, rising rates of interest and economic uncertainty,” Brian Cornell, chairman and chief executive officer of Goal Corp., said in an announcement. “This resulted in a 3rd quarter profit performance well below our expectations.
“While we’re able to...
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