Target reports a slump in third-quarter profit and sets soft outlook for holiday period
A sign on a Target store in Harmarville, Pa., is shown on Sept. 16, 2024. Credit: AP/Gene J. Puskar
NEW YORK — Target etched out a slim sales increase in the third quarter but profits slumped as inflation-weary customers pulled back on spending and costs related to a dockworker strike in October dragged on results.
The Minneapolis retailer fell short of Wall Street expectations for the quarter and its outlook for the final three months of the year also disappointed industry analysts in an environment in which Americans are still spending, but being more selective.
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.
Shares plummeted 14% before the opening bell Wednesday.
Sarra Sounds Off, Ep. 14: LI football awards On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra takes a look at the football awards given out in Nassau and Suffolk, plus Jared Valluzzi and Jonathan Ruban with the plays of the year.
Sarra Sounds Off, Ep. 14: LI football awards On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra takes a look at the football awards given out in Nassau and Suffolk, plus Jared Valluzzi and Jonathan Ruban with the plays of the year.
