Costco Wholesale Corp (NASDAQ:COST) shares are trading lower Wednesday alongside several other retailers after Target Corp (NYSE: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.
