NEW YORK, May 27, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Target Corporation (“Target” or the “Company”) (NYSE: TGT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Target and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 18, 2022, Target announced results for the first fiscal quarter ended April 30, 2022. Among other items, Target disclosed that gross margin for the quarter was 26.75%, down 426 basis points from the prior year. Target attributed the decline to unanticipated changes in consumer spending, as well as higher supply chain costs. Additionally, Target announced that inventory was $15.08 billion, up approximately $1.1 billion compared to fourth fiscal quarter of 2021, attributing the elevated inventories to changing consumer spending habits. Finally, Target also revised its fiscal year 2022 outlook, lowering its fiscal 2022 guidance concerning operating margin to 6% from a margin rate of 8% or higher. Target attributed the guidance reduction, in part, to unexpected cost headwinds.
On this news, Target’s stock price fell $53.67 per share, or 24.93%, to close at $161.621 per share on May 18, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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