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.
A worker collects shopping carts in the parking lot of a Target store on June 9, 2021, in Highlands Ranch, Colorad. Target reported solid sales for the fiscal second quarter of 2022, but its profits plunged nearly 90% because it slashed prices to clear inventories of clothing, home goods and other discretionary items.
Store comparable sales increased 1.3% on top of 8.7% growth last year. Online sales rose 9% following growth of 9.9% last year. The company is planning cautiously for the remainder of the year, Cornell said, including the critical holiday season. That will put a greater focus on stocking groceries and things like cosmetics.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
2023 Land Rover Defender 90 Trophy Edition: Shorter Trophy, Same GloryThe 90 was initially left out of the Trophy Edition treatment, but Land Rover has rectified that mistake.
Read more »
Pflugerville police searching for 90-year-old womanPflugerville police said Betty Prout, 90, was last seen near Yale Drive around 12:18 p.m. on August 16.
Read more »
‘Soft swinging’ Mormon reveals depression battle: I’m ‘almost down to 90 pounds’“As you can see, I am an emotional wreck on here,” the influencer, who recently revealed she and her friends participated in “soft swinging,” said. “These are my raw e…
Read more »
Pflugerville police searching for 90-year-old womanPflugerville police said Betty Prout, 90, was last seen near Yale Drive around 12:18 p.m. on August 16.
Read more »
Target’s Profits Fall By Nearly 90 PercentTarget’s excess inventory issues are cutting into quarterly profits.
Read more »
Imperfections Were the Inspiration for The Real Real’s Fourth Original RecollectionImperfections Were the Inspiration for The Real Real’s Fourth Original ReCollection
Read more »