Target posts a stunning drop in profit. Stock plunges
CNN
Target's earnings didn't hit the mark. Far from it.
The retail giant reported a stunning 52% drop in profit for the first quarter, badly missing Wall Street's forecasts. The company blamed higher expenses due to continued supply chain disruptions. Consumers also are holding back on nonessential purchases because of rampant inflation.
Shares of Target (TGT) plunged 25% in early trading on the news Wednesday, potentially setting up the stock for its worst day since 1987.
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