Target CEO says shoppers are pulling back, even on groceries
Publishing timestamp: 2023-11-02 09:44:41
Summary
Target is doubling down on its cautious outlook for the holiday shopping season. CEO Brian Cornell stated that shoppers are pulling back on spending, even on groceries. Target is taking a more conservative approach to inventory after last year's inventory glut affected profits. The company has seen declining sales in discretionary items and even in food and beverage categories. Despite economists delaying recession calls and inflation cooling, Target has cut its full-year sales and profit expectations. The company is scheduled to report earnings on November 15. Target is planning to lean into big seasonal moments and focus on affordability and new items for the holiday season.
Sentiment: NEGATIVE
Tickers: TGT,
Keywords: retail industry, business news, target corp, business, breaking news: business,
Source: https://www.cnbc.com/2023/11/02/target-ceo-says-shoppers-are-pulling-back-even-on-groceries.html