By Colin Kellaher

 

Shares of Target Corp. slid more than 8% in premarket trading Tuesday after the retailer warned of inventory issues that will weigh on profit.

The Minneapolis company said it plans a series of actions to reduce inventory for the rest of the year, including additional markdowns and canceling orders, adding that its operating margin will fall short of prior estimates.

Target's warning comes weeks after a disappointing first-quarter earnings report sent the retailer's shares tumbling nearly 25% in one day.

In premarket trading Tuesday, Target shares were recently changing hands at $146.50, down 8.3%.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

June 07, 2022 07:50 ET (11:50 GMT)

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