WAKE FOREST, N.C. (WTVD) -- Today might not be the best day to be a Target C-level executive.
On Wednesday afternoon, the retailer was on pace for its worst day on the stock market since 1987.
"Throughout the (first) quarter, we faced unexpectedly high costs, driven by a number of factors, resulting in profitability that came in well below our expectations, and well below where we expect to operate over time," Chief Executive Officer Brian Cornell said. "Despite these near-term challenges, our team remains passionately dedicated to our guests and serving their needs."
Consumer spending on big-ticket items and other goods, not deemed necessities, has fallen significantly. Some shoppers are re-evaluating their needs as inflation rates are nearing record-highs as well.
"It's very different from a year ago for us. Very different," said Grace Fecteau, who moved to the area a year ago with her husband and their son. "It's just gotten worse and worse in terms of buying regular groceries. We hit a lot of Sam's Club and we go to Aldi a lot; Lidl."
Target's unwelcome news also comes when gas prices climb to levels that influence drivers to think twice about their next trip.
"This is the first time that I've ever had to pay $70 to fill up this car. More than double. So it's getting rough," Fecteau said.