Big-box retail giant Target (TGT) - Get Report on Monday said it was cancelling its post-earnings in-person "financial community" meeting set to take place following the release of its quarterly earnings on Tuesday due to concerns about the rising number of cases of the coronavirus.
The Minneapolis-based company was to host the in-person meeting in midtown Manhattan following its quarterly results, to be released before the open bell Tuesday.
However, due to concerns about “the rapidly evolving situation regarding the coronavirus," the company will discuss its results and predictions for the coming fiscal quarters and year from its headquarters via webcast, a Target spokesperson said.
Target CEO Brian Cornell, Chief Operating Officer John Mulligan and Chief Financial Officer Michael Fiddelke all were scheduled to deliver in-person presentations at the event.
After already disclosing lighter-than-expected holiday sales, analysts polled by FactSet are expecting per-share earnings of $1.65 for Target on sales of $23.4 billion.
The impact of the coronavirus – not just on Target’s corporate plans but on its sales and bottom line – likely will be among the front-and-center topics that analysts and investors will be paying particular attention to.
While retailers like Target, Walmart (WMT) - Get Report, Costco (COST) - Get Report and others have seen swelling coronavirus-induced sales over the past week or so as consumers look to stockpile goods, longer-term concerns over the impact of supply chain disruptions on sales and earnings are already having analysts reassess their expectations.
Even so, shares of Target were up 3.22% in trading on Monday. The stock has fallen more than 16% over the past three months though has rallied more than 42% over the past 12.
Meantime, Costco received mixed reviews from two separate analysts ahead of its own fourth-quarter earnings numbers due Thursday.