Yahoo Finance headline: Target CEO on inflation, inventories: ‘We are in an environment many of us haven’t seen before’
Brian Sozzi·Anchor, Editor-at-Large
Tue, June 21, 2022, 1:33 PM·3 min read
https://finance.yahoo.com/news/target-ceo-economic-club-appe…
“We’re all seeing what’s happening with fuel prices across the country,” Cornell said. "And we’re the second-largest net importer in the U.S. We have, obviously, a significant supply chain, and we’re planning for freight and transportation [costs] to grow by $1 billion. That number doubled almost overnight.
He continued: “I also talked about the fact that inventories were way up. And I left New York, and I spent time in different parts of the country, in our stores and in competition, and looking at syndicated data, and recognized that U.S. retail overall, we’re looking at historic highs with inventory levels.”
Target’s stock is down 14% in June alone, lagging the S&P 500’s decline of 11%, per Yahoo Finance Plus data.