Target (TGT) Q2 2022 earnings: Profit falls nearly 90%


FILE PHOTO: Shoppers exit a Target store during Black Friday sales in Brooklyn, New York, U.S., November 26, 2021. 

Brendan Mcdermid | Reuters

Target on Wednesday said its quarterly profit fell nearly 90% from a year ago, as the retailer followed through on its warning that steep markdowns on unwanted merchandise would weigh on its bottom line.

The big-box retailer missed Wall Street’s expectations by a wide margin, even after the company itself lowered guidance twice.

Yet the company reiterated its full-year forecast, saying it is now positioned for a rebound. It said it expects full-year revenue growth in the low to mid single digits. Target also said its operating margin rate will be in…

Source cnbc.com

0 0 votes
Article Rating

Mortgage demand fell last week even as rates declined slightly

Previous article

Little changed amid fall in gas prices and drop in auto sales

Next article

You may also like

Notify of
Inline Feedbacks
View all comments

More in Earnings