Best Buy Co Inc (NYSE:BBY) 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 more than 25% at press time.
Related Link: 'We Faced Unexpectedly High Costs': Why Target Shares Are Falling Today
Best Buy is scheduled to report its quarterly financial results before the market opens on May 24, according to data from Benzinga Pro.
BBY Price Action: Best Buy shares are making new 52-week lows on Wednesday.
The stock was down 9.41% at $76.55 at time of publication.
Photo: courtesy of Best Buy.
