Add a few more billion in market cap losses today.
Now Target is in denial as they say it is Amazon's fault, not Target's, as they post their largest one day loss in the last 8 years.
http://www.marketwatch.com/story/target-is-the-latest-retailer-to-feel-the-amazon-effect-2016-05-18Target Corp. on Wednesday became the latest big U.S. retailer to announce disappointing quarterly earnings, with sales falling short of estimates and the outlook for the current quarter pretty grim.
The company’s executives were also the latest to display confusion -- or perhaps it’s just denial -- as to the reason why: Amazon.com Inc. is eating everyone’s lunch. “I don’t know whether retailers just don’t want to admit it publicly, or whether they have not yet fully admitted it to themselves, but the Amazon effect is absolutely a part of these weak first-quarter results,” said Jared Wiesel, partner at pricing and revenue management consulting firm, Revenue Analytics.
“All roads point to the fact that Amazon is gobbling up share.”
Target TGT, -0.37% Chief Executive Brian Cornell admitted that sales were light on the company’s earnings call, according to a FactSet transcript.
“And daily and original shopping patterns were more volatile than in prior periods,” he said. “While guests generally maintained their pattern of larger, pantry stocking visits, we saw a slowdown in growth of smaller convenience trips.”
Target shares tumbled on the news and closed down almost 8%, marking their biggest one-day decline since December 2008.