Target misses expectations as profit falls nearly 90%

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.