Target (NYSE: TGT) stock is down 32.6% this year after missing on first-quarter earnings and presenting a bleak near-term outlook. More telling, earnings per share increased 39% over last year, but merchandise gross margin rate, which excludes gas and membership fees, decreased 30 basis points due to supply chain issues and inflation. As for Sam's Club, Walmart CEO Doug McMillon said on the first-quarterearnings call "Transactions were up in Q1, overall membership count continued to grow, plus member penetration reached another all-time high, and we saw good growth in e-commerce."