American big box retailer Target Corporation (NYSE: TGT) unnerved investors with its latest plans focused on inventory optimization. Shares plunged over 7.5% in early trading as the market was impacted by the news. The stock is still trading down 3.9% at the time of writing. Retailers worldwide are grappling with the ill effects of excess inventory, coupled with fading consumer demand amid the record-high inflationary environment. Target was no exception and registered dismal first quarter results, which dragged the stock down nearly 25% on the day. TGT stock has lost 30.6% so far this year.
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