Macy's Inc M shares are trading lower Wednesday alongside several other retailers after Target Corp TGT announced worse-than-expected earnings results.
Target reported first-quarter earnings of $2.19 per share, which came in well below the estimate of $3.07 per share, according to data from Benzinga Pro.
Operating income margin rate also came in well below expectations at 5.3% in the first quarter compared with 9.8% in 2021, driven by gross margin pressure reflecting actions to reduce excess inventory as well as higher freight and transportation costs.
Related Link: 'We Faced Unexpectedly High Costs': Why Target Shares Are Falling Today
Macy's is scheduled to report its first-quarter financial results before the market opens on May 26.
M Price Action: Macy's has traded between $15.68 and $37.95 over a 52-week period.
The stock was down 7.02% at $19.81 at time of publication.
Photo: Mike Mozart from Flickr.
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