A tale of two retailers: Target reports sluggish spending while Walmart has a stellar quarter NEW YORK (AP) — Target on Wednesday reported sluggish sales and slumping profits in the fiscal third quarter as inflation-weary customers curtailed their spending on apparel and other non-essential items. Anne D'innocenzio, The Associated Press Nov 20, 2024 1:32 PM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message FILE - People walk towards a Target store in Clifton, N.J.
, on December 18, 2023. (AP Photo/Ted Shaffrey, File) NEW YORK (AP) — Target on Wednesday reported sluggish sales and slumping profits in the fiscal third quarter as inflation-weary customers curtailed their spending on apparel and other non-essential items. The Minneapolis retailer fell short of Wall Street expectations for the quarter, and its profit and sales outlook for the final three months of the year also disappointed industry analysts.
Costs related to a U.S. dockworkers’ strike in October also dragged on Target's results at a time when Americans are spending more selectively, the company said.
“We encountered some unique challenges and cost pressures that impacted our bottom-line performance,” Target Chairman and CEO Brian Cornell said. The weak August through October period at Target stood in stark contrast to the third quarter of low-price rival Walmart, which reported another quarter of stellar sales Tuesday and released optimistic projections for the ho.