Target falls 25% in worst day since 1987 crash
Profits for major retailers have been hurt by inflation and supply chain bottlenecks. Retail stocks fell Wednesday.
Target's net income in the quarter ended April 30 fell 52% year-over-year to $1.01 billion, or $2.16 per share.
Per-share earnings were $2.19, far below Wall Street projections of $3.07 a share.
Target's report follows Walmart's Tuesday, and both had early stock sell-offs. Target fell 25%.
The Dow fell more than 20% on Oct. 19, 1987, the last time shares fell so hard. Target shares were under $4. Target fell $53.67 to $161.61 on Tuesday.
In the third quarter, revenue increased 4% to $24.83 billion, a slight improvement over expectations.
Americans buy fewer TVs, bikes, and appliances than during the pandemic. This led to larger markdowns and more bulkier items that aren't selling as fast as Target intended.
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