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Target CEO Blaims ‘Unexpectedly High Costs' For Poor First Quarter Profit

1 month ago   |   By CBS

NEW YORK - Target took a big hit from higher costs during the first quarter despite brisk sales.
Profits for major retailers has come under pressure from both surging inflation and stubborn clogs in the global supply chain.
Target's net income fell roughly 52% from a year ago to $1.01 billion, or $2.16 per share, in the quarter that ended April 30. Per-share earnings adjusted for one time costs were $2.19, far from Wall Street projections of $3.07 a share expected by industry analysts polled by FactSet.
That is also below last year's first quarter profit of $2.09 billion.
“Throughout the...
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