With sales up slightly and profits down sharply, the discount retailer faces ongoing challenges of cautious consumer spending and its own higher costs.
from food to gas that has gripped Americans for nearly two years is weighing on shoppers even though there has been some easing in recent months.
For the full year, Target expects comparable sales — those from stores open at least a year and online channels — will range from a low single-digit decline to a low single-digit increase. The quarter marks Target’s fourth straight quarterly profit drop. For the fiscal third quarter, Target reported a 52% profit drop, while earnings plummeted nearly 90% in the second quarter and 52% in the first.
But even as Target projects lower sales, the retailer is pushing ahead to accelerate its e-commerce strategy. It announced last week that it will spend $100 million to develop a larger network of package sorting centers that cut the cost of delivering online orders while increasing the speed of delivery.
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