![]() ![]() Excluding sales of gas and autos, retail sales ticked up 0.1%. Retail sales declined 0.1% last month after jumping 0.9% in September. Falling prices for gasoline and cars, however, contributed to some of that spending decline. Commerce Department showed Americans cut back on retail spending in October, ending six straight months of gains. Target’s earnings results came on the same day that data from the U.S. Target’s falling sales come amid a broader pullback in spending by U.S. More than 50% of Target’s annual sales come from discretionary items like toys, fashion and electronic gadgets. Target is more vulnerable than Walmart and other big box discounters. Target narrowed its outlook for the year as well on Wednesday. Home Depot, the nation’s largest home improvement chain, reported on Tuesday that sales slid as homeowners held off on larger renovations and things like appliances, which are often purchased with credit cards. Walmart and Macy’s report on Thursday and may provide a better idea of how consumers are feeling as the holiday approaches. retailers to report the latest quarterly results. “Yet in our research, things like uncertainty, caution and managing a budget are top of mind.”Ĭornell noted that food prices are up 25% compared with 2020. “It’s clear that consumers have been remarkably resilient,” Cornell said. And instead of buying sweatshirts or denim in August or September, they’re now waiting until the weather turns cold. For example, he said that the chain is seeing more consumers making last-minute purchases on such items as gas. Inflation has moderated, but a bigger chunk of paychecks is needed to cover immediate needs.ĬEO Brian Cornell said on a conference call with reporters on Tuesday that higher interest rates, increased credit card debt and reduced savings rates have left customers with less discretionary income, forcing them to do trade-offs. Now, many customers are making tough decisions about what they can afford because prices for food and other basics have climbed. The Minneapolis retailer has been trying to right itself after loading up with too much inventory last summer and was forced to discount heavily to clear it. ![]() Revenue slipped more than 4%, however, as customers saddled with broadly higher costs pulled back on spending as the holiday season nears. NEW YORK (AP) - Target on Wednesday reported a hefty third-quarter profit increase that handily beat Wall Street expectations as the retailer held down costs and cut inventory. Business & Finance Click to expand menu. ![]()
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