Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Target says shoppers are buying fewer groceries and home goods

by admin May 23, 2024
May 23, 2024
Target says shoppers are buying fewer groceries and home goods

Target said Wednesday that its customers reduced spending on groceries and home goods as concern about high prices persisted last quarter.

The retailer said in its latest earnings report that overall customer traffic fell 1.9%, while the average amount that customers spent on those visits also dropped 1.9%. The company’s stock declined Wednesday morning as its profit missed Wall Street’s expectations for the first time since November 2022.

The Target earnings come amid broader concerns that U.S. consumers may be getting more discerning with their money, as savings dwindle, debt grows and prices remain high. Some CEOs of major consumer brands have warned about spending declines, though others, like executives at Sweetgreen and Delta Air Lines, have still seen growth.

On a call with reporters, CEO Brian Cornell said the company’s results reflect “continued soft trends in discretionary categories.’

He said the company wants to make sure it offers customers value and communicates that in a clear way. Target sought to get ahead of Wednesday’s report by announcing earlier this week that it would be cutting prices on thousands of items throughout its stores, including groceries and other staples.

Target remains more associated with discretionary purchases than with groceries: It only gets about 20% of its sales from food compared with rival Walmart, which draws about 60%.

As a result, it is more affected by any pullback in spending.

And even though inflation has recently shown signs of further slowing, the official 12-month rate remains above 3%, above the Federal Reserve’s 2% target.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Home sales slipped unexpectedly in April despite big gains in supply
next post
Hims & Hers Health says it will offer compounded GLP-1 injections

Related Posts

Federal Trade Commission accuses three drug middlemen of...

September 24, 2024

Macy’s says employee hid up to $154 million...

November 26, 2024

Chase Bank is referring check fraud ‘glitch’ incidents...

September 10, 2024

India’s 2nd-wealthiest person charged by U.S. in $250...

November 22, 2024

Judge says he must still approve sale of...

November 26, 2024

N.Y. Fed President John Williams says inflation is...

June 1, 2024

DJT shares jump after Trump Media rolls out...

August 4, 2024

How Trump was ‘orange-pilled’ by three bitcoiners in...

August 28, 2024

Comcast announces plan to spin off cable channels,...

November 21, 2024

Murdoch to provide Trump health updates in deal...

August 6, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • ‘Bold’ general who led US’ ‘Midnight Hammer’ strikes on Iran ends Middle East reign

      August 26, 2025
    • Democrats opposed John Bolton for years — until they sought him as an ally against Trump

      August 26, 2025
    • Top GOP senator defies Trump demand to bend Senate rules for his court picks

      August 26, 2025
    • Trump threatens lawsuit over century-old Senate tradition delaying his nominees

      August 26, 2025
    • Trump threatens lawsuit over ‘blue slips’ as top GOP senator bucks demand to bend Senate rules for nominees

      August 26, 2025

    Categories

    • Business (1,081)
    • Investing (2,905)
    • Politics (3,557)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved