Target shares fell by 24% Tuesday, the store's worst performance since Black Monday in 1987.

Its net income tumbled about 52% from a year ago to $1.01 billion, or $2.19 earnings per share, in its first quarter ending April 30. Last year's first quarter income was $2.09 billion.

Meanwhile, sales were up only 3.4% during the quarter, with an online sales increase of just 3.2%, and same-day services, including curbside pick-up, seeing an increase of 8%. This time last year, Target boasted an 18% increase, with a 50.2% growth in online sales.

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"We did not anticipate that kind of change when we were sitting here 13 weeks ago. So we own it," Target CEO Brian Cornell said Wednesday. "Transportation, a change in mix, and the [increasing] complexity in [the] supply chain has added pressure to our operating income."

At the same time, Cornell was hopeful, noting that "consumers are still spending."

"I'm not seeing any sign of a consumer slowdown. It's still a consumer who is out shopping and enjoying getting back to normal life," Cornell said. "They're still shopping, but they've started to spend dollars differently."

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Sales for appliances and large electronics such as televisions are down, according to the CEO.