Posted on 11/15/2023 7:35:13 AM PST by Diana in Wisconsin
Target’s sales slumped last quarter and the retail giant is predicting a slow holiday shopping season.
Target’s sales tumbled 4.9% — the second quarter in a row sales have dropped. And the company forecast a weak holiday, as customers continue to forgo discretionary purchases like furniture, electronics and some clothing. Target expects sales to decline by mid-single digits this holiday season.
Shoppers have become more cautious in the face of inflation, higher interest rates and the resumption of student loan repayments. Consumers aren’t spending on home improvement projects the way they were during the pandemic, Home Depot said Tuesday.
Retail sales also dropped in October for the first time in seven months, the Commerce Department reported Wednesday.
Despite the sluggish sales, Target’s profit beat Wall Street’s expectations last quarter, and the stock surged 14% in premarket trading Wednesday. Heading into Wednesday, Target’s stock had dropped 36% over the past year.
Wall Street was more focused on Target’s profit last quarter, which grew 36% from a year ago. As shoppers have pulled back, Target has been stuck with an inventory glut. That has hurt its profitability.
But Target’s inventory levels are leaner than they were a year ago and Target is marking down fewer products. Target’s profit also grew from lower freight and supply chain costs.
After a half year of negative headlines, culture war distractions and a massive stock slump, Target finally had something to cheer.
(Excerpt) Read more at channel3000.com ...
Target stock price today;
130.13
USD▲ +19.34 (+17.46%) today!
Good news for the fruits is that they’ll eventually be able use whatever bathroom they want in Target stores with nobody caring. Of course they might have to first remove the plywood from the doors of the closed location ( if the homeless haven’t already done it ) and bring a flashlight.
Me too. As soon as they announced that anyone could use any bathroom they wanted (proactively, and without any prompting or protest), that was it for me.
Student loan payment resumption is going to kill the Christmas season.
For millions, they have to cough up several hundred dollars a month that have been injected into the economy for three years. That’s gonna leave a mark.
Don’t mistake me for being sympathetic. But I don’t think I’ve seen much about this in the financial media..and it seems like an obvious thing.
Is this the same boycott as when I stopped shopping there about five years ago? Or is there a new improved boycott?
True.
Aw. Tuck it up, Target.
Get woke. Go Broke.
Guess allowing people to steal doesn’t add to he bottom line! Who knew. /s
“Student loan payment resumption is going to kill the Christmas season.”
I like ‘Under The Median’ for economic advice/living below your means information. They are out of Peoria, IL so you can’t get more ‘Middle America’ than that!
Hope & Larry just released a video of the top 5 things that are going to effect the economy for 2024 and Student Loan Payments resuming was either 1 or 2.
Frugality Will Be Absolutely Necessary in 2024
https://www.youtube.com/watch?v=rmZyV5Cw84I&t=667s
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