Yesterday it was Walmart. Today is was Target’s turn to report quarterly results that showed sales soaring but profits crashing as the company was hit by higher costs for goods, shipping, and headcount.
. Today is was Target’s turn to report quarterly results that showed sales soaring but profits crashing as the company was hit by higher costs for goods, shipping, and headcount.
The results also highlight the drag the ESG energy crisis is having on the U.S. economy. So-called ESG investing—an investment strategy focused on largely leftwing environmental, social, and governance priorities—has helped starve the energy sector of investment, pushing up the costs of fuel in the U.S. and around the globe.
Operating income, however, declined to $1.3 billion from $2.4 billion for the same quarter in 2021. Target reported earnings per share of $2.16, down a steep 48 percent from a year earlier. That missed Wall Street’s forecast for $3.06 per share.
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