Target is reporting a decline in quarterly revenue as still-stubborn inflation cuts into shoppers’ spending. The Minneapolis retailer also delivered a muted profit outlook on Wednesday. But it said it expects it will get back to quarterly sales growth in the current quarter.
FILE - Merchandise is displayed at a Target store Nov. 15, 2023, in Orlando, Fla. Target reports earnings on Wednesday, May 22, 2024. The Minneapolis retailer also delivered profit results that were below analyst expectations and issued a muted profit outlook, but it said it expects that it will get back to quarterly sales growth this quarter.cut prices on thousands of consumer basics over the next several months, from diapers to milk, in a bid to entice customers who are looking for deals.
It’s updating existing locations, building more than 300 new stores over the next decade, and also broadening store-owned brand offerings for more cost conscious customer choices.UK inflation falls to 2.3%, lowest level in nearly 3 years but still above Bank of England’s targetTarget reported net income of $942 million, or $2.03 per share, which is 3 cents short of analysts projections, according to a survey by FactSet.
Comparable sales — those from stores or digital channels operating at least 12 months — slipped 3.7%. That was a smaller decline from the 4.4% drop during the fourth quarter.
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