Target’s earnings didn’t hit the mark. Far from it.The retail giant reported a stunning 52% drop in profit for the first quarter, badly missing Wall Street’s forecasts. The company blamed higher expenses due to continued supply chain disruptions. Consumers also are holding back on nonessential purchases because of rampant inflation.
Shares of Target (TGT) plunged 25% Wednesday, its worst day since 1987.
Target’s bad news dragged down the broader market as well. The Dow fell more than 1,160 points, or 3.6%. The S&P 500 was down 4%. Retailers Dollar Tree (DLTR), Dollar General (DG), Tractor Supply (TSCO), Costco (COST) and Best Buy (BBY) were among the biggest losers in the index.Edition CNN