Consumer

Target reports 52% drop in profit for the first quarter

Published May 19, 2022 6:43 AM

(KYMA, KECY) - Target's earnings didn't hit the target. In fact, it was far from it.

The retail giant reported a 52% drop in profit for the first quarter, blaming higher expenses because of supply chain disruptions and inflation.

The company says people just aren't buying nonessentials like electronics and exercise equipment.

The news sent stocks spiraling nearly 25%.

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April Hettinger

April was born and raised in San Diego where she loved the beach town and her two dogs, Lexi and Malibu. She decided to trade the beach for the snow and advanced her education at Northern Arizona University in Flagstaff.

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