Target profits disappoint as inflation forces shoppers to slash spending; stock dips 10%
NY Post
Inflation is taking a bite out of Target’s bottom line as the “cheap chic” discount retailer revealed customers were buying fewer groceries and discretionary goods, sending its shares tumbling as much as 10%.
The Minneapolis-based retailer fell short of Wall Street estimates for the quarter on Wednesday — another blow for the company that has seen its stock price decline by more than 40% since it reached an all-time high in November 2021.
Earlier this week, Target announced a plan to gradually slash prices on 5,000 of the most frequently bought items in hopes of enticing inflation-weary customers back to their stores.
This followed its move in January, where it introduced “dealworthy,” a new line of 400 products starting below $1 and most products under $10.
Inflation has dampened consumer confidence, according to a Fed survey which found that more adults are feeling worse about their finances due to the rate of price increases on everyday household items.
Target said on Wednesday that it expects comparable sales in the second quarter will recover from its four straight quarterly declines, being flat to up 2%.
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Dana Walden is unifying Disney’s film, television, streaming and gaming under one roof days before a new CEO takes the reins.
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Saks Global — owner of luxury stores including Saks Fifth Avenue and Neiman Marcus — is cutting over 1,200 jobs as it shutters more than a dozen locations nationwide following its bankruptcy filing earlier this year.
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Amazon has been signaling that it wants a piece of the Saks empire — including possibly buying it outright — even as its prospects to break into the luxury market have been complicated by its controversial role in the retailer’s bankruptcy, The Post has learned.
The founder of a Vermont-based whiskey brand wants to give away a college campus that he bought during the pandemic — on the condition the new owner shares his vision for “the revival of our country and our civilization.”
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At the start of his term in January, Mayor Mamdani had the Big Apple’s lenders in his corner — despite his plans to remake the Big Apple economy under his socialist agenda.
Mark Zuckerberg’s Meta is reportedly delaying the release of its next artificial intelligence model at least about two months after internal tests showed the tech falling short of rival models from Google, OpenAI and Anthropic.
BuzzFeed on Thursday flagged going concern doubts and said it will not provide a forecast for 2026 as it evaluates strategic options, sending the digital media company’s shares down 7% after the bell.
Two Live Nation employees bragged about slapping customers with exorbitant fees at the entertainment giant’s venues, saying “these people are so stupid” that “I almost feel bad taking advantage of them,” according to court documents released late Wednesday.
Oil went on an unprecedented roller coaster ride at the start of the week, with the price surging more than 30% to near $120 a barrel late Sunday – only to erase all of those gains just hours later.