Target’s stock had its worst single-day performance since the Black Monday crash of 1987. The company took a giant hit from rising costs, and many retailers are facing pressure on profits due to rapidly increasing inflation, and clogs in the global supply chain. Retailers had some of the biggest losses today. Target’s net income fell to $1.01 billion, and that’s 52% lower than a year ago. Last year’s first quarter profits were $2.09 billion. Target got per-share earnings of $2.19, which is way below the projected $3.07. The CEO of Target, Brian Cornell said, “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.”
Source: https://nypost.com/2022/05/18/target-shares-headed-for-worst-day-since-crash-of-1987/
