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AP National Business

Target feels inflation’s sting in first quarter, shares slip

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Published 5:51 AM

By ANNE D’INNOCENZIO
AP Business Writer

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.

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