We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Target stock plummets, profits clobbered as inflation comes for retail

1 0 2

Target Corporation released earnings today for the first quarter of 2022, and they amounted to a stunning miss.

The retail giant reported a 52% drop in profit, missing Wall Street’s forecasts by a mile. The company blamed the shortfall on rising costs caused by ongoing supply-chain disruptions, and added consumers aren’t necessarily helping because rampant inflation is causing them to hold off on purchasing nonessential items.

“Throughout the quarter, we faced unexpectedly high costs, driven by a number of factors, resulting in profitability that came in well below our expectations, and well below where we expect to operate over time,” CEO Brian Cornell wrote in today’s earnings press release.

Target said store traffic was up about 4% in Q1, and sales actually increased.........

© Fast Company

Get it on Google Play