Target profits drop 90 percent

Officials at the retail giant say profits plunged 90 percent during the second quarter, well below expectations.
Published: Aug. 17, 2022 at 11:47 AM CDT
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(CNN) - Target’s bottom line is missing the bullseye.

Officials at the retail giant say profits plunged 90 percent during the second quarter, well below expectations.

This is the second consecutive down quarter for Target, and it caused its shares on Wall Street to fall three percent in Wednesday’s premarket trading.

Target is among the numerous retailers that have cut prices on items due to inflation, but it apparently didn’t have much of an effect.

Consumers are paying more for necessities like gas and food, which may be factoring into their spending on non-essentials.

Target says it ended the quarter with 1.5 percent more inventory than it had three months ago.

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