TARGET DEADLINE ALERT

Bragar Eagel & Squire, P.C. Reminds Investors that a Class Action Lawsuit Has Been Filed Against Target Corporation and Encourages Investors to Contact the Firm

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Target Corporation (“Target” or the “Company”) (NYSE: TGT) in the United States District Court for the District of Minnesota on behalf of all persons and entities who purchased or otherwise acquired Target securities between August 18, 2021, and May 17, 2022, both dates inclusive (the “Class Period”). Investors have until May 30, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

Prior to the Class Period, Target experienced unprecedented double-digit growth in 2020 as consumers increased spending with funds provided from stimulus checks and shifted their spending away from services in favor of goods. In its 2Q 2021 earnings call, Target attributed its success to its “durable, flexible” business strategy, which it stated allowed the Company to stay nimble and quickly respond to its customers’ rapidly shifting preferences. Target touted its “balanced multi-category assortment” as a “key driver of flexibility” and a unique advantage that allowed the Company to “serve our guests, even when their wants and needs are changing rapidly.” To ensure that its assortment stayed in balance in a volatile environment, Target reviewed the data that it gathered from its 100+ million-member loyalty program, Target Circle, as well as other sources, on a weekly basis to gain insights and inform its merchandising decisions. Because these preferences were often changing “week by week,” these insights were essential to allow Target to “optimize [its] assortment.”

However, despite Target’s runaway success in 2020, the Company’s revenue was constrained by Target’s inability to keep its shelves fully stocked. In the first half of 2021, though inventory had meaningfully improved compared to the prior year, Target was still experiencing some headwinds which prevented the Company from maintaining optimal inventory. On August 18, 2021, during a Company earnings call where Defendants discussed second quarter 2021 results, Target attributed its inventory struggles to two pandemic-related factors: (1) unexpectedly greater demand due to changing consumer behavior; and (2) vendor constraints resulting in less product for Target to replenish. To mitigate the risk that replenishment of in-demand goods could take longer than usual going into the second half of 2021, Target announced during that earnings call that it had been ordering larger upfront quantities in advance of season to ensure that shelves were stocked with products consumers wanted, when they wanted them.