Target profit plunges 90% as inflation-weary shoppers pull back

Retailers, including Target, have been forced to cut prices on general merchandise, such as clothing, electronics and home goods, because of excess inventory of goods. Consumers had to shift more of their spending to higher priced food and gasoline.But Target reported that its price cuts did little good: It ended the quarter with 1.5% more inventory than it had three months earlier and 36% more than it had a year ago.

Walmart also said it expects a 8% to 10% drop in annual earnings, though that's a narrower drop than it previously forecast.'Feeling the impact of inflation'The environment for Target and similar retailers remains"challenging," CEO Brian Cornell told investors Wednesday. But Target is seeing"an encouraging start to the back-to-school" shopping season, he said.

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How about: Target and other retailers have reached the 'find out' phase after assuming they had 'pricing power' that they did not. FixedIt

so biden was wrong, WE ARE IN A RECESSION!

And just as the bill passed that was finally going to make corporate “pay there fair share” Something tells me we got played again! At least we got the $7500? tax credit on EV! Wait what? Ford and Chevy raised waht?

They're now at Walmart and dollar stores

Target hasn't been the same since they remodeled their stores a few years ago and raised their prices.

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