TGT stock

Consumers also are holding back on nonessential purchases because of rampant inflation. Shares of Target (TGT) plunged 25% in early trading on the news ...

The continued problems in the supply chain are hurting retail profits. The company said higher compensation costs for employees in its stores and distribution centers put a dent into earnings. , consumers aren't splurging on bigger-ticket items, such as televisions and exercise equipment. Target said overall sales for the company were up 4% from a year ago, topping analysts' estimates. The company blamed higher expenses due to continued supply chain disruptions. The retail giant reported a stunning 52% drop in profit for the first quarter, badly missing Wall Street's forecasts.

The pandemic glory days are over for retail, but Target said major price hikes aren't in the cards just yet. Target stock plummets, profits clobbered as ...

Famous for carefully managing costs, Walmart also posted poor earnings that it blamed on higher fuel costs, supply-chain problems, and inventory backlogs (alongside a couple other factors, such as increased labor costs). CEO Doug McMillon said the bottom-line results “were unexpected and reflect the unusual environment,” and added Walmart is working to find the correct balance between keeping prices as low as possible and not letting profits continue to slide. The early pandemic days were pretty good for retailers like Target. Profits climbed as they sold lots of furniture, big-screen TVs, kitchen appliances, washer-dryer sets, and other high-margin goods for the home—where consumers suddenly found themselves trapped and restless. Shares fell Wednesday by nearly 25% on the news, to about $163 in premarket trading, potentially setting the stock up for its worst day since 1987.

Target Corp. is on pace for its worst stock drop since 1987's Black Monday crash after becoming the second big retailer in two days to trim its profit ...

Target on Wednesday reported quarterly earnings that fell far short of Wall Street's expectations, as the retailer coped with pricey freight costs, ...

One of those factors is the price of gas, which hit a national average of $4.523 per gallon on Tuesday, according to AAA. He said raising prices "continues to be the last lever we pull." Excluding items, Target earned $2.19 per share, 88 cents short of the $3.07 expected by analysts surveyed by Refinitiv. That is on top of a 23% increase in comparable sales in the year-ago quarter and it is higher than Wall Street's projections for 0.8%, according to StreetAccount estimates. Comparable sales, a key metric that tracks sales at stores open at least 13 months and online, grew 3.3% in the first quarter. Walmart reported Tuesday that it also missed on earnings, also citing higher inventory and numerous cost pressures. Luggage sales were up more than 50%, he said. Some others, he said, are seeking out new gaming consoles and patio sets. The national retailer, known for its cheap chic brands of apparel, home decor and more, lapped an especially elevated sales period. The company's shares fell about 27%, hitting a 52-week low. Among the challenges, Target said profits got hit by inventory that arrived too early and too late, compensation and head count that rose at distribution centers, and a mix of merchandise sales that looked different than before. "While we saw healthy top-line growth in the quarter, we were less profitable than we expected to be or intend to be over time," he said on a call with reporters.

Discount retailer Target is facing a brutal selloff after a disappointing Q1 earnings call this morning. TGT stock is down 25%.

Target stock is down more than 25% at the time of writing. On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. In addition, the company reported unexpected slowdowns in discretionary spending, likely a consequence of decade-high inflation in the country. Should the losses hold through the day, it’ll mark the largest single-day drop for the company since 1987. Target also posted earning per share (EPS) of $2.16, 48% lower year-over-year (YOY) and well below analyst expectations. Target (NYSE: TGT) stock is plunging today after the retailer reported surprisingly weak Q1 profit this morning.