Target warned that consumers will remain 'pressured in the short term.' It's caused the company to report a more cautious in its near-term growth outlook.
Target executives issued a weak forecast Wednesday in recognizing that elevated prices continue to have a "meaningful impact" on family budgets and savings. Target Chief Growth Officer Christina Hennington told analysts on an earnings call that one in three Americans "maxed out or is nearing the limit on at least one of their credit cards." "For these reasons and more, we remain cautious in our near-term growth outlook," Hennington said.
During the second quarter, the retailer projected sales would recover from back-to-back declines, but only modestly increase to a range from flat to 2%. WALMART CFO SAYS 'MANY CONSUMER POCKETBOOKS' ARE BEING STRETCHED AS HIGH INFLATION PERSISTS Target reported adjusted earnings per share of $2.03, missing Wall Street estimates. Its total revenue was $24.53 billion, down 3.1% percent from the same time a year ago, though slightly better than the $24.52 billion Wall Street expected.
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