Target sales decline to start the year, but it sees improvement
7 months ago

Target sales decline to start the year, but it sees improvement

Associated Press  

NEW YORK — Target on Wednesday posted a decline in quarterly revenue as still higher prices on essentials cut into shopper spending. The nation’s top home improvement retailers — Home Depot and Lowe’s —which had reaped the benefits of pandemic splurges on home projects, posted another quarter of sales declines with so many homeowners and prospective home buyers constrained by high mortgage rates and inflation. Target CEO Brian Cornell told reporters Tuesday that shopping patterns are normalizing, with customers gravitating toward services and out of home entertainment, which cuts into spending on discretionary items. Target reported net income of $942 million, or $2.03 per share, which is 3 cents short of analysts projections, according to a survey by FactSet. For its second quarter, Target said it expects comparable sales to be anywhere from unchanged to a 2% gain.

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History of this topic

A tale of two retailers: Target reports sluggish spending while Walmart has a stellar quarter
1 month ago

A tale of two retailers: Target reports sluggish spending while Walmart has a stellar quarter

Hindustan Times  

NEW YORK — Target on Wednesday reported sluggish sales and slumping profits in the fiscal third quarter as inflation-weary customers curtailed their spending on apparel and other non-essential items. A tale of two retailers: Target reports sluggish spending while Walmart has a stellar quarter The Minneapolis retailer fell short of Wall Street expectations for the quarter, and its profit and …

Target stock slumps 20 percent as holiday worries mount for popular retailer
1 month ago

Target stock slumps 20 percent as holiday worries mount for popular retailer

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Target etched out a …

A tale of two retailers: Target reports sluggish spending while Walmart has a stellar quarter
1 month ago

A tale of two retailers: Target reports sluggish spending while Walmart has a stellar quarter

Associated Press  

NEW YORK — Target on Wednesday reported sluggish sales and slumping profits in the fiscal third quarter as inflation-weary customers curtailed their spending on apparel and other non-essential items. Costs related to a U.S. dockworkers’ strike in October also dragged on Target’s results at a time when Americans are spending more selectively, the company said. And even if Target has …

Target sounds the alarm bell on holiday shopping
1 month ago

Target sounds the alarm bell on holiday shopping

CNN  

New York CNN — Target is expecting a surprisingly weak holiday shopping season, a potential warning sign for the retail industry. “Target may be losing share among its middle- to upper-income consumers to retailers like Amazon, Costco and Walmart,” Joseph Feldman, an analyst at Telsey Advisory Group, said in a note to clients Wednesday. Walmart’s US sales at stores open …

Target sparks price war with Walmart as it slashes cost of 2,000 items
2 months ago

Target sparks price war with Walmart as it slashes cost of 2,000 items

Daily Mail  

Target is slashing prices on over 2,000 items - ranging from snacks to toys and cold medicine - to attract bargain-seeking shoppers this holiday season. 'We know families are excited to celebrate the holidays, so we are committed to helping them find joy without compromise - with great products across our assortment at even lower prices,' said Rick Gomez, Target's …

Target Cuts Prices on 2,000 Items in a Price War Ahead of Holiday Season
2 months ago

Target Cuts Prices on 2,000 Items in a Price War Ahead of Holiday Season

CNN  

Target is slashing prices on 2,000 items ahead of the holiday shopping season. Some prices have dropped effective immediately on a number of items, including home goods, beauty products, food, beverages and toys. The new round of cuts affects name brands like Lego and Coffee Mate, as well as its house brands. Target will continue the price cuts through December.

Target’s $24 billion food and beverage business is only going to get bigger
3 months, 4 weeks ago

Target’s $24 billion food and beverage business is only going to get bigger

Salon  

Target’s food and beverage sales have increased nearly $9 billion over the past four years to become a $24 billion business — and according to Brian Cornell, the company’s chairman and chief executive officer, there is still room to grow. “So we think we’re still in the early days of building out our food business.” In May, Target announced plans …

A tale of two retailers: Target reverses sales slump while Macy’s reports another quarterly decline
4 months ago

A tale of two retailers: Target reverses sales slump while Macy’s reports another quarterly decline

Associated Press  

NEW YORK — Grocery aisle deals and an emphasis on affordable but stylish clothes helped Target reverse a year-long sales slump, while Macy’s on Wednesday reported another quarterly decline and said sales for the fiscal year will be weaker than expected due to a “more discriminating consumer” outlook. Macy’s posted a profit of $150 million, or 53 cents per share, …

Target slashed prices. It paid off
4 months ago

Target slashed prices. It paid off

CNN  

New York CNN — US consumers, strained by years of higher prices and elevated interest rates, are changing their shopping patterns. Target’s sales at stores open at least one year increased 2% last quarter, and its profit boomed 36%. Walmart’s US sales at stores open for at least one year increased 4.2% last quarter. Target’s core middle-class customer base has …

Target to lower prices on thousands of basic items as inflation sends customers scrounging for deals
7 months ago

Target to lower prices on thousands of basic items as inflation sends customers scrounging for deals

Associated Press  

Target plans to cut prices on thousands of consumer basics this summer, from diapers to milk, as inflation cuts into household budgets and more Americans pay closer attention to their spending. Target launched one such collection in January called Dealworthy which includes nearly 400 basic items, ranging from clothing to electronics, that can cost less than $1, with most items …

Target tops third quarter profit expectations, but inflation weighs on shoppers
1 year, 1 month ago

Target tops third quarter profit expectations, but inflation weighs on shoppers

Associated Press  

NEW YORK — Target on Wednesday reported a hefty third-quarter profit increase that handily beat Wall Street expectations as the retailer held down costs and cut inventory. Target’s earnings results came on the same day that data from the U.S. Commerce Department showed Americans cut back on retail spending in October, ending six straight months of gains. Target reported a …

Target Says Sales Dropped After Backlash Over Pride Month Merchandise
1 year, 4 months ago

Target Says Sales Dropped After Backlash Over Pride Month Merchandise

Huff Post  

LOADING ERROR LOADING In the wake of intense right-wing backlash over its Pride Month merchandise, Target reported Wednesday that its second-quarter sales have dipped for the first time in six years. The sharp dip in sales is partially due to controversy over the company’s LGBTQ+ and Pride Month merchandise, CEO Brian Cornell confirmed during a conference call on Wednesday. Cornell …

Target Q2 sales fall on muted spending, Pride month backlash, and it cuts profit outlook for 2023
1 year, 4 months ago

Target Q2 sales fall on muted spending, Pride month backlash, and it cuts profit outlook for 2023

Associated Press  

NEW YORK — Target reported its first quarterly sales drop in six years, dragged down by shoppers’ inflation worries and a negative reaction by some customers, widely publicized on social media, to its Pride merchandise. Profit for the fiscal second quarter came in above expectations, however, as Target brought inventories closer in line with cautionary spending on discretionary items by …

Target wrestles with pullback in spending and theft that may cost retailer more than $1B this year
1 year, 7 months ago

Target wrestles with pullback in spending and theft that may cost retailer more than $1B this year

Associated Press  

NEW YORK — Target on Wednesday reported another quarterly profit decline and issued a cautious sales and profit outlook for the current period. Home Depot, the nation’s largest home improvement retailer, said Tuesday that sales for the first quarter fell 4.2%, and it expects its first annual revenue decline since 2009. First-quarter net income slipped nearly 6% to $950 million, …

Walmart, Target begin holiday early to ease inflation sting
2 years, 3 months ago

Walmart, Target begin holiday early to ease inflation sting

Associated Press  

NEW YORK — Walmart and Target plan to begin offering deals and price matching offers earlier this year to keep up with Americans pressed by soaring inflation and looking for ways to ease the potential sting of holiday shopping. Walmart, based in Bentonville, Arkansas, is offering a wider assortment of items this year with more new brands and more Walmart-exclusives …

Target, Krispy Kreme fall; Hill International, Lowe’s rise
2 years, 4 months ago

Target, Krispy Kreme fall; Hill International, Lowe’s rise

Associated Press  

NEW YORK — Stocks that traded heavily or had substantial price changes Wednesday: Target Corp., down $4.85 to $175.34. The retailer’s second-quarter profit fell far short of Wall Street forecasts as it slashed prices to clear unwanted inventories of clothing, home goods and electronics. The home improvement retailer’s second-quarter profit beat Wall Street forecasts. The children’s clothing and accessories chain …

Target takes a hit after heavy discounts to clear inventory
2 years, 4 months ago

Target takes a hit after heavy discounts to clear inventory

Associated Press  

NEW YORK — Target reported solid sales for the fiscal second quarter but its profit plunged nearly 90% after it was forced to slash prices to clear unwanted inventories of clothing, home goods and electronics. “While these inventory actions put significant pressure on our near-term profitability, we’re confident this was the right long-term decision in support of our guests, our …

Facing huge inventory, Target cuts vendor orders, prices
2 years, 6 months ago

Facing huge inventory, Target cuts vendor orders, prices

Associated Press  

NEW YORK — Target is canceling orders from suppliers, particularly for home goods and clothing, and it’s slashing prices further to clear out amassed inventory ahead of the critical fall and holiday shopping seasons. But Target is also facing sharply higher costs for everything from labor to transportation and shipping, and it will offset price cuts where it can with …

Target to invest up to $5 billion to fuel more growth
2 years, 9 months ago

Target to invest up to $5 billion to fuel more growth

Associated Press  

NEW YORK — Target will invest up to $5 billion this year in physical stores, remodels, new brands and expanding its online fulfilment as the discounter continues to drive sales growth and differentiate itself from rivals. As physical stores selling non-essential goods closed temporarily or permanently during the depths of the pandemic, homebound people turned to Target’s online services for …

Target tames global supply backups; sales surge 13.2% in Q3
3 years, 1 month ago

Target tames global supply backups; sales surge 13.2% in Q3

Associated Press  

NEW YORK — Target delivered another strong quarter, overcoming a slew of challenges, from inflationary pressures to congested ports. Target said that inventory levels rose nearly 20% compared with the same period last year. Online comparable sales jumped 29% compared with a blistering 155% increase a year ago before vaccines against COVID-19 became available and many Americans steered clear of …

Target to spend more than $2B at Black-owned businesses
3 years, 8 months ago

Target to spend more than $2B at Black-owned businesses

Associated Press  

NEW YORK — Target will spend a total of more than $2 billion at Black-owned businesses by 2025 as part of its effort to advance racial equity. That’s a significant increase in overall spending on Black-owned businesses, according to Target, though it declined be more specific Wednesday. More than 20 companies, including Sephora, Gap and Macy’s, have signed on to …

Target continues to thrive in whirlwind retail environment
3 years, 11 months ago

Target continues to thrive in whirlwind retail environment

Associated Press  

NEW YORK — Target’s strong sales streak extended through a pandemic-shrouded holiday season after a hard push online and an increased effort to provide alternatives to customers who are trying to minimize risk. For example, Target closed all of its stores on Thanksgiving, traditionally the starting gun for the holiday season, rolling out discounts and specials early and over a …

Target gains steam heading into crucial holiday season
4 years, 1 month ago

Target gains steam heading into crucial holiday season

Associated Press  

NEW YORK — Target is the latest big box U.S. retailer to show that it’s prospering during the pandemic. Rising sales not only bode well for the holiday shopping season ahead for Target, it revealed again the widening gap between big box stores and more traditional retail and department stores in the pandemic. Last week, Target announced a deal with …

Target hits sales record on online surge, says August start ’solid’
4 years, 4 months ago

Target hits sales record on online surge, says August start ’solid’

Live Mint  

Target Corp on Wednesday reported its best quarterly comparable sales growth and online revenue that nearly tripled as customers took advantage of the retailer's quick and contact-free delivery to shop for clothes, videogames and home decor. "Target's digital offer is working in tandem with their fleet of 1,900 stores and shows that the multichannel mojo is a strategic positive in …

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