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Target Corp. (NYSE:TGT) reported a disappointing first-quarter performance.
The company’s chair and CEO Brian Cornell blamed the retailer’s challenging quarter on inflation, particularly in food and household essentials.
This has put a “strain on the consumer wallet,” Cornell said during a call with reporters.
Read Also: Target’s Q1 Earnings – Falling Revenues and Comp Sales Weigh On Retailer, But Inventories Fall By 80%
Target’s quarter showed:
Sticky inflation has been a topic of concern in the broader economy, as reported by Benzinga. The impact on consumer spending was also felt in the case of Lululemon (NYSE:LULU). The company’s stock tumbled in March, partly due to its struggle to reach U.S. consumers amidst inflationary pressures.
Target responded to said pressures by slashing prices on essential items — a strategic move to counteract this trend and improve its competitive position against rivals like Walmart.
Price Action: Shares dropped by 7% in premarket trading following the announcement of the results. Target is currently trading at $143.70 per share, down 7.75%.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.