Target Shares Are Down. 3 Reasons I'm Not Panicking
Target (NYSE: TGT) was one of those businesses that managed to thrive during the pandemic at a time when retailers were getting battered. But Target's most recent earnings report was nothing short of disastrous.
For the first fiscal quarter ended April 30, earnings per share came in at $2.16, down 48.2% from $4.17 in 2021. The retail giant also downgraded its revenue forecast for the year, calling for low- to mid-single-digit growth.
Target cited unexpectedly high costs as a reason for its limited profitability and more conservative outlook. Not surprisingly, Target shares fell sharply in light of that negative news.
Source Fool.com
