NEW YORK, NY / ACCESSWIRE / March 27, 2023 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Target Corporation (TGT)("Target" or the "Company") (NYSE:TGT). Investors who purchased Target securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/tgt
The investigation concerns whether Target and certain of its officers and/or directors have violated federal securities laws.
On May 18, 2022, Target announced results for the first fiscal quarter ended April 30, 2022. Among other items, Target disclosed that gross margin for the quarter was 26.75%, down 426 basis points from the prior year. Target attributed the decline to unanticipated changes in consumer spending, as well as higher supply chain costs. Additionally, Target announced that inventory was $15.08 billion, up approximately $1.1 billion compared to fourth fiscal quarter of 2021, attributing the elevated inventories to changing consumer spending habits. Finally, Target also revised its fiscal year 2022 outlook, lowering its fiscal 2022 guidance concerning operating margin to 6% from a margin rate of 8% or higher. Target attributed the guidance reduction, in part, to unexpected cost headwinds. On this news, Target's stock price fell $53.67 per share, or 24.93%, to close at $161.621 per share on May 18, 2022.
If you are aware of any facts relating to this investigation or purchased Target shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/tgt. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC