Kansas City, Missouri 2022-05-18 22:24:27 –
Pandemics have changed the way Americans spend money, and now when they return to pre-pandemic behavior, they are again stumbling on retailers.
This dynamics has only strengthened in recent months, as inflation has skyrocketed and Target’s latest financial reporting highlights the challenge. Target reported on Wednesday that profits fell 52% compared to the same period last year in an environment where fuel and other costs rose and consumers returned to more normalized spending very quickly.
Purchases of large TVs and appliances loaded by Americans during the pandemic have declined, leaving large retailers with bloated inventory that must be marked down for sale.
As CNN reportedThe target earnings announcement will take place the day after Wal-Mart’s stock hits its worst day in 35 years. Wal-Mart has revealed low profits, in addition to weak prospects for blaming rising transportation and labor costs.
Target announces a shocking drop in profits, stock drops Source link Target announces a shocking drop in profits, stock drops