NEW YORK (AP) — Target etched out a slim sales increase in the third quarter and profits slumped as inflation-weary customers pulled back on spending and costs related to a dockworker strike in October dragged on results.
NEW YORK — Target etched out a slim sales increase in the third quarter and profits slumped as inflation-weary customers pulled back on spending and costs related to a dockworker strike in October dragged on results.
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. And last month, Amazon reported a boost in its quarterly profits. Quarterly sales jumped 11% at Amazon, exceeding expectations.“We encountered some unique challenges and cost pressures that impacted our bottom-line performance,” said Chairman and CEO Brian Cornell.
Target said that it now expects its earnings per share to be in the range of $1.85 to $2.45 for its fiscal fourth quarter. That’s below the $2.65 per share expected by analysts polled by FactSet. There were some bright spots. Target said quarterly customer traffic increased 2.4%. Target executives said that translates to 10 million more sales transactions from a year ago. Digital comparable sales also increased 10.8%, reflecting a 20% increase in same-day delivery powered by its Target Circle loyalty program and a double-digit increase in its drive up-service.
Target and other companies are also grappling with President-elect Donald Trump's pledge that he will slap sweeping tariffs on goods from other countries. Trump is proposing a 60% tariff on goods from China — and a tariff of up to 20% on everything else. Cornell said the company has been focusing on diversifying its supply chain but will be watching the developments carefully.
“They’re being very patient, shopping for promos, looking for great value on those essential items that they need for their pantry,” Cornell said on a call with reporters. “And they’re shopping very conservatively and have been in discretionary categories throughout the year.”
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