Target shares tumbled 4.9% in morning trading as Target’s earnings take a huge hit as retailer sells off unwanted inventory.
Target on Wednesday said its quarterly profit fell nearly 90% from a year ago, as the retailer followed through on its warning that steep markdowns on unwanted merchandise would weigh on its bottom line.
The big-box retailer missed Wall Street’s expectations by a wide margin, even after the company itself lowered guidance twice.
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