Costco Wholesale Corp COST shares are trading lower Wednesday alongside several other retailers after Target Corp TGT announced worse-than-expected earnings results.
- Target Revenue: $25.17 billion beat $24.37-billion estimate.
- Target EPS: $2.19 missed estimate of $3.07.
Target said it "faced unexpectedly high costs" in the quarter. The company's operating income margin rate came in well below expectations at 5.3% in the first quarter compared with 9.8% in 2021. Target shares were down about 25% at last check.
Related Link: 'We Faced Unexpectedly High Costs': Why Target Shares Are Falling Today
Costo is scheduled to report its quarterly financial results after the market closes on May 26, according to data from Benzinga Pro.
COST 52-Week Range: $375.50 - $612.27
The stock was down 7.96% at $450.62 at time of publication.
Photo: Mike Mozart from Flickr.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
