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Here's Why Target Stock Crashed Today

TheMotleyFool

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Shares of Target (NYSE: TGT) plunged on Wednesday after the department store chain warned investors that surging costs were eating into its profits. As of 2:25 p.m. ET, Target's stock price was down 28%.

The retail giant's revenue rose 4% year over year to $24.8 billion in its fiscal first quarter, which ended on April 30. Target's comparable sales increased by 3.3%, driven by traffic growth of 3.9%.

"Our first-quarter results mark Target's 20th-consecutive quarter of sales growth, with comp sales growing more than 3% on top of a 23% increase one year ago," CEO Brian Cornell said in a press release. "Guests continue to depend on Target for our broad and affordable product assortment."

Source Fool.com

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