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Target Corp (NYSE: TGT) on Wednesday missed Wall Street expectations as the retailer’s profit fell nearly 90% from a year ago.
The company posted earnings per share of 39 cents, compared to analysts’ expectations of earnings per share of 72 cents.
Target’s total revenue rose to $26.04 billion from $25.16 billion a year ago, due to higher prices amid soaring inflation.
The company though maintained its full-year forecast as it expects full-year revenue growth in the low to mid-single digits.
Target also expects operating margin rate to be in a range around 6% in the second half of the year.
Picture Credits: Reuters
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