Target Corp. (TGT) reported that its second quarter adjusted EPS decreased 89.2 percent from a year ago. Operating income margin rate was 1.2 percent, compared with 9.8 percent, last year. Gross margin rate was 21.5 percent, compared with 30.4 percent. The company said its gross margin rate reflected higher markdown rates, driven primarily by inventory impairments and actions taken to address lower-than-expected sales in discretionary categories, as well as higher merchandise, inventory shrink, and freight costs. Also, gross margin rate was pressured by increased compensation and headcount in distribution centers, the costs of managing excess inventory, and higher per-unit last-mile shipping costs.
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