NEW YORK (AP) — Target’s first-quarter profit took a big hit from higher costs, despite strong sales growth. Target’s results Wednesday reflect the pressure on retailers’ profits coming from surging inflation and persistent clogs in the supply chain.
Minneapolis-based Target reported that its net income fell 52% from a year ago to $1.01 billion, or $2.16 per share, in the quarter that ended April 30.
That compares to $2.10 billion, or $4.17 per share, in the year-ago period. Its adjusted earnings per share were $2.19. That was well below the $3.07 a share expected by industry analysts polled by FactSet.
There are two Target stores in Sioux Falls.
(By the Associated Press. Additional reporting by Todd Epp, KELO.com News.)
