Target reports a slump in third-quarter profit and sets soft outlook for holiday period
Target has reported a slim increase in sales for the third quarter and a slump in profit as it grappled with a pullback by inflation-weary customers and costs related to the dockworker strike in October
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Your support makes all the difference.Target etched out a slim sales increase in the third quarter but profits slumped as inflation-weary customers pulled back on spending and costs related to a dockworker strike in October dragged on results.
The Minneapolis retailer fell short of Wall Street expectations for the quarter and its outlook for the final three months of the year also disappointed industry analysts in an environment in which Americans are still spending, but being more selective.
The most recent quarter at Target stands in stark contrast to rival Walmart, which reported another quarter of stellar sales Tuesday and released optimistic projections for the holiday season.
Shares plummeted 14% before the opening bell Wednesday.