Target's weak results show the fierce battle between retailers that are trying to outmatch each other on deals.
Target's weak quarterly results show the fierce battle between retailers that are trying to outmatch each other on low prices.Aldi and Walmart have also stepped up efforts to attract a bargain-hunting shopper.weak quarterly earningson Wednesday not only show American consumers are more selective about spending after sustained inflation squeezed their budgets for nearly three years.
Analysts on Target's earnings call on Wednesday asked about the timing and reasoning behind the price cuts and whether Target or its vendors are picking up the tab. The company declined to share details of that split, but Chief Growth Officer Christina Hennington said Target's vendors know the company is committed to passing on savings to its customers to drive traffic.
Some customers may be making those purchases at Walmart instead. Transactions on Walmart's website and stores rose 3.8% in the most recent quarter, and its e-commerce purchases shot up by 22% in the U.S., the company On Target's earnings call, analysts asked tough questions about whether the retailer is losing ground with shoppers or is seen as too pricey, outside of sales events."We want to make sure America knows that Target's a great place to shop and we have great value every time you engage whether it's in-store or through our digital channels," he said, adding that the company is on track to reverse sales declines in the second quarter.
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