Target Shares Tumble Premarket After Profit Warning
June 07 2022 - 8:05AM
Dow Jones News
By Colin Kellaher
Shares of Target Corp. slid more than 8% in premarket trading
Tuesday after the retailer warned of inventory issues that will
weigh on profit.
The Minneapolis company said it plans a series of actions to
reduce inventory for the rest of the year, including additional
markdowns and canceling orders, adding that its operating margin
will fall short of prior estimates.
Target's warning comes weeks after a disappointing first-quarter
earnings report sent the retailer's shares tumbling nearly 25% in
one day.
In premarket trading Tuesday, Target shares were recently
changing hands at $146.50, down 8.3%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 07, 2022 07:50 ET (11:50 GMT)
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