5/18/2022, 4:24 PM (Source: TeleTrader)
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Chart for: Target Corp

Target shares fall 26% to a one-year low

Target Corp. shares plunged 26% on Wednesday to a one-year low of $159 in early trading after the retail giant published a quarterly profit far below the expectations of Wall Street analysts.

Although the company's total revenue rose by 4% year-on-year in the first quarter, diluted earnings per share (EPS) and operating income fell 48.2% and 43.3%, respectively. According to the report, inventory losses led to increased markdowns, while transportation costs and supply chain disruptions dragged on profits. Compensation and the number of employees in its distribution centers also increased.

Target's shares tumbled 24.90% at 10:07 am ET to go for $161.81.

Baha Breaking News (BBN) / JG