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Target Shocks as Supply Chain Costs Halve Q1 Net Profits

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“Hundreds of millions of dollars” in higher freight costs drove a Target earnings miss that sent shares down 24.8 percent in late-morning trading Wednesday to $161.91. “Target’s disappointing 1Q results and lowered guidance support Fitch’s view that retailers will increasingly contend with shifts in consumer budget toward services like travel and entertainment after two years…

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