Target Stock Plunge Wipes $25 Billion As Inflation Squeezes Customers And Sends Costs Soaring—Spurring ‘Dramatic’ Earnings Shortfall

Shares of Target collapsed Wednesday after the brick-and-mortar retailer posted disappointing first-quarter earnings spurred by unexpectedly high costs that offset rising sales—spelling more trouble for the broader retail industry just one day after competitor Walmart posted its own stock-market plunge....

In a morning email, Adam Crisafulli called Target's shortfall more"dramatic" than Walmart's worse-than-expected, which pushed the stock down 11% on Tuesday, adding there are"clearly" industry-wide problems as food and gas inflation draw spending away from discretionary merchandise and force"aggressive" discounting to clear out products.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Unlike Walmart and Target, these stocks tend to do well when inflation is highWhen rising costs crimp corporate profits and curb consumer demand, some stocks have a record of performing well during periods of rapid inflation.
Source: CNBC - 🏆 12. / 72 Read more »