Target Shares Hit 52-Week Low After 1Q Earnings Miss
May 18 2022 - 10:23AM
Dow Jones News
By Dean Seal
Shares of Target Corp. fell 26% to a 52-week low of $159 in
early trading Wednesday after the retail giant posted a quarterly
profit well below what Wall Street analysts had expected.
The Minneapolis-based company reported a drop in net income to
$1.01 billion, or $2.16 a share, for the quarter ended April 30
from $2.1 billion, or $4.17 a share, in the same period last
year.
Adjusted earnings were $2.19 a share, below the forecast of
$3.07 a share from analysts polled by FactSet.
The retailer said inventory impairments led to higher markdowns,
while freight costs and supply chain disruptions weighed on profit.
Compensation and headcount at is distribution centers also rose, it
said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 18, 2022 10:08 ET (14:08 GMT)
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