Target posts weak quarterly results as discretionary spending remains pressured

on Wednesday forecast current-quarter comparable sales and profit largely below Wall Street expectations after weak discretionary spending dented its first-quarter results, and said it continues to expect the consumer to be cautious.

“We remain cautious in our near-term growth outlook and we expect consumer discretionary trends to remain pressured in the short term,” Christina Hennington, Target’s chief growth officer, said on a media call. Comparable sales for the first quarter ended May 4 declined 3.7 per cent, in line with expectations, marking the fourth straight decline. Strong beauty sales partially offset a slowdown in discretionary items such as home furnishings, furniture and appliances. Apparel sales improved from the prior quarter, Target said.Walmart’s results last week were in contrast to Target as its heft in grocery helped it attract shoppers who prioritized food and household items, like toilet paper and detergent.

Source: News Formal (newsformal.com)

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