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Target plunges 24% as soaring costs lead the retail giant to widely miss quarterly earnings expectations and cut its profit guidance

1 month ago   |   By Business Insider

Mary Meisenzahl/Insider
Target shares tumbled 24% Wednesday after Q1 earnings fell short of expectations.
Adjusted earnings of $2.19 a share were lower than the Refinitiv forecast of $3.07 a share.
The big-box retailer said the quarterly performance was hurt by higher freight and transportation costs.
Target shares sank on Wednesday, as surging costs resulted in a big miss in quarterly earnings and a reduced outlook. The stock fell as much as 24% during premarket trade to touch $163.38, the lowest price since November 2020. Target's first-quarter earnings announcement caught the attention...
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