Yesterday it was Walmart. Today is was Target’s turn to report quarterly results that showed sales soaring but profits crashing as the company was hit by higher costs for goods, shipping, and headcount.
Shares were down by 27.6 percent after the company said that fuel and freight costs will be $1 billion higher this year than it expected. Headcount, compensation, and product costs were up as well. The company said it sees no signs of the cost pressures easing in the second half of the year.
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