Target’s first quarter woes and results mirrored those of Walmart’s, which were published yesterday.
In an earnings call this morning, Target CFO Michael Fiddelke said, “while it’s always the last lever we pull, external conditions led us to raise prices across a broad set of items in multiple categories.”Target reported a huge decline in net profits last quarter — 52% — due to higher costs from labor, mistimed inventory and inputs like fuel and freight.
The company reported its costs will also rise by an additional $1 billion this year, more than had been expected. Shares of Target closed down 24.9% following today’s report, while Walmart’s stock saw its worst day yesterday since 1987, according toTarget may be facing a tougher rest of the year than Walmart given it relies more on sales of discretionary products, Arun Sundaram, senior equity research analyst at CFRA, tells Axios.
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