Excluding one-time items, Target now expects $7-8 per share in profit this year, which means that the upper limit of the forecast has been lowered.
Target's stock, which is down 35 percent since the turn of the year, fell another 2 percent in futures trading on Wall Street after the announcement.
Target – which laid off 1,800 employees in October – plans to increase capital investments to $5 billion by 2026. The money will go to remodeling stores, opening new locations and improving the experience for customers and store owners.
