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Target Lowers Revenue and Profit Forecasts

06/10/2022

Following release of Q1 results that impacted the shares of the Company as well as other retailers, Target announced on June 6th that Q2 results would be affected by current market conditions and possibly compounded by inappropriate decisions.  Target has announced plans to “right size” inventory and to be more nimble and will fine-tune pricing.  Target is also upgrading warehousing near ports following the lead of Walmart. The company, along with competitors is experiencing high transportation and fuel costs.  Negative guidance reduced Target (TGT) share price by close to four percent at the market open on Tuesday June 7th

 

Despite the profit warning, Brian Cornell, Chairman and CEO of Target noted that, “Business continues to generate a healthy increase in traffic and sales despite sustained volatility in the macro environment.”  He indicated that short-term remedial action would impose additional costs but the company is confident that this will place the company in a more competitive position and will contribute to intermediate-term profitability.

 

Results for Target covering Q1 of fiscal 2022 can be retrieved by entering “Target” in the Search block.