MINNEAPOLIS — Target Corp.’s stock price plunged 21% on Nov. 20 after the retail chain missed third-quarter estimates and lowered its fiscal-year outlook.

Adjusted earnings per share in the third quarter ended Nov. 2 were $1.85, down 12% from the previous year’s third quarter. Target, after the second quarter, had forecasted adjusted EPS in a range between $2.10 to $2.40 in the third quarter. Target Corp. now expects adjusted EPS in a range between $8.30 to $8.90 for the fiscal year, down from a previous guidance of $9.00 to $9.70.

Target’s stock price on the New York Stock Exchange fell to a 52-week low of $120.21 per share during the day on Nov. 20 before closing at $121.72, down 21% from a close of $156.00 on Nov. 19.

“While we aren't happy about reduction in our outlook for the remainder of the year, we believe we're managing our business appropriately, and we're helping our teams stay agile and ready to respond if we see our business accelerate,” said Brian Cornell, chief executive officer for Target.

Target’s financial results were in contrast to Walmart, which beat Wall Street estimates in its third quarter.

Target’s net earnings of $854 million, or $1.86 per share on the common stock, in the quarter were down 12% from $971 million, or $2.10 per share, in the previous year’s third quarter. Total revenue of $25.67 billion was 1.1% higher than $25.40 billion, reflecting a total sales increase of 0.9% and an 11.5% increase in other revenue.

“When we assess the consumer and macro environment, we're seeing many of the same themes that have defined the environment for some time,” Cornell said. “Consumers tell us their budgets remain stretched and they're shopping carefully as they work to overcome the cumulative impact of multiple years of price inflation. They're becoming increasingly resourceful in their shopping behaviors, waiting to buy until last moment of need, focusing on deals, and then stocking up when they find them.”

Sales in food and beverage and essentials categories increased by low-single-digit percentages when compared to the previous year’s third quarter.

“Guests particularly love the season's Halloween candy and snacks as well as new seasonal flavors from Good & Gather and Favorite Day with new on-trend flavors helping to drive preference for our own brands, which continue to gain share,” said Rick Gomez, chief commercial officer. “In essentials, new items in nutrition categories like meal supplements and protein powders are performing very well.”

In the third quarter, weather patterns, port strikes and overseas port delays had negative impacts on Target companywide, said Michael Fiddelke, chief financial officer.

“This year's hurricane season has been particularly devastating for so many communities,” he said. “While we're grateful that our team members in affected areas are safe, we also know that the damage from Hurricanes Helene and Milton has been vast, and impacted communities are still recovering. In advance of the storm, we closed dozens of stores and a few supply chain facilities to keep our guests and team members safe.”