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Target's Q1 net income falls 51.9% to US$1.01B from US$2.10B; total revenue up 4% to US$25.17B from US$24.20B, with net sales up 4% to US$24.83B from US$23.88B, comp sales up 3.3% reflecting traffic growth of 3.9%, same-day services including Shipt up 8%

Target's shares fall as much as 26% to their lowest price since November 2020 after Q1 adjusted earnings came in at US$2.19/share, lower than US$3.07 expected in Refinitiv poll; company says performance was hurt by higher freight and transportation costs

Target Q1 2022 Earnings Call - Transcript

MBOLD coalition collaborating with film recycler Myplas USA, film manufacturer Charter Next Generation to expand the PE film recycling infrastructure and supply of recycled resin; a flexible film recycling plant in Minnesota is slated to open spring 2023

UBS forecasts 40,000-50,000 US retail stores to close over next five years; closures mainly to hit fashion and accessories industry, home furnishings and electronics, while business is expected to boom for general merchandise stores like Target, Walmart

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