Posted on 08/17/2022 12:49:03 PM PDT by EBH
CNN — Target reported profit plunged 90% in the second quarter, falling far short of expectations, as inflation-weary customers pulled back on spending on nonessential items.
Retailers, including Target, have been forced to cut prices on general merchandise, such as clothing, electronics and home goods, because of excess inventory of goods. Consumers had to shift more of their spending to higher priced food and gasoline. But Target reported that its price cuts did little good: It ended the quarter with 1.5% more inventory than it had three months earlier and 36% more than it had a year ago.
The company said it reduced the amount of discretionary items it held in warehouses, but Target noted the sales on those items "put significant pressure on our near-term profitability."
Target's net income fell to $183 million last quarter, down from $1.8 billion during the same period a year ago. The company's revenue of $26 billion was up 3.5% from a year ago and roughly in line with forecasts.
After seven quarters of strong profit growth, this marks the second-straight quarter of plunging earnings at Target, although this decline was far more than the 40% drop in the previous quarter.
(Excerpt) Read more at wral.com ...
Obiden et al.: “We are going to find out once and for all exactly how much ruin there is in a nation.”
“simple answer, yes. They’ve have many tools to use. RIF, close crappy stores, deeper discounts, close stores, line of credit”
Can you say, “Sears”?
We live by three words: repair, repurpose, MacGyver.
It’s amazing how much money that saves.
They’ve always been overpriced.
Couldn’t happen to a more appropriate cabal of un-American bastards.
I used to go to Target, a nice store. Then when I was there, maybe 15 years ago, they had Hunchback Mountain playing and a very load announcer calling it a ‘love story’.
Never went again.
...and now the problem is that my wife (who has always been a woman) normally uses the bathrooms when we shop.
Like many, I haven’t set foot in my local Target since they put men’s potty preferences above women’s and girls’ safety and comfort.
Haven’t shopped on Target’s website, either. No thanks.
I stopped shopping at the groomer mall known as Targay once they allowed child molesters into the female restrooms.
My Gf does the same.
There is something good about shopping at Target as my bud manages one of their biggest money making stores in the US.
PRICE MATCH. Not a lot of shopper know or do this. If Amazon or Walmart has a lower price and that target store has it, you can easily price match it with the cashier and they’ll match it, no questions asked.
Try doing a price match at walmart and they might even laugh at your face..
Remember this oldie from Target? 2005
‘Target Corporation will continue to ban the Salvation Army from their 1,351 stores this Christmas season. The Army will not be allowed to place their red kettles in front of Target stores.’
Wait, they made a profit?
“Not sure what their draw is.”
Good prices on paper towels, TP, Kleenex. We stock up big there about every 18 months. Lots of useful household items. Cheap jeans for outside work. Good useable Christmas gift selections during the season.
The things you mention are not what I buy there. That’s Ace Hardware and Home Depot stuff. I never buy groceries there either. We have farm stands, a local grocery and City Market not far away. Even a stop at Safeway, but just for Sara Lee Pound Cake since no one else carries that.
How to protest the Big Steal: Stop buying consumer goods from Big Box stores. They rigged elections, but can’t force anyone to buy things.
Economic boycotts have teeth!
“To: EBH
They got greedy and increased prices even above inflation levels because Wall Street was rewarding companies that were doing that. Apparently, consumers didn’t like that tactic so much.”
The new business grads didn’t wait for producer price increases like in the late 70s, they now have computer spread sheets so they just used a multiplier to estimate what the inflation would be and they guessed wrong!
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