Target's Shares Are Tumbling As Retailer Warns Of Weak Holiday Season

CBS Minnesota

November 16, 2022

Target's profit plunged 52% in the third quarter and the retailer warned of a sluggish holiday.

On Wednesday, Minnesota-based Target blamed inflation and a deteriorating economic outlook for its miserable quarter - and also lowered its outlook for the rest of the year. That sent shares down more than 12% in premarket trading.

CEO Brian Cornell said that in recent weeks that "sales and profit trends softened meaningfully, with guests' shopping behavior increasingly impacted by inflation, rising interest rates and economic uncertainty."

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