Target Corp.’s quarterly profit halved and it warned on Wednesday of a bigger margin hit this year due to rising fuel and freight costs, in a clear sign there would be no immediate relief for U.S. retailers from surging inflation.
Shares tumbled 26 percent following the bleak results that came a day after larger rival Walmart Inc. cut its annual profit view and its shares logged their worst day since 1987, though both retailers clocked better-than-expected quarterly sales.
“We have a lot of work ahead of us to restore profitability to the level where we expect to operate over time,” Target Chief Executive Brian Cornell said on a post-earnings call….