Target ( TGT ) has recently faced some major headwinds to its business that have negatively affected its sales, and it is hoping that its Black Friday deals will provide a much-needed lifeline. Target revealed that its sales were lower than expected during the third quarter of this year. The retailer’s comparable sales only increased by a small 0.
3% compared to the same time period last year. 🚨 Don’t Miss this amazing Black Friday Move! Get 60% off TheStreet Pro. Act now before it’s gone .
😲 Also, customers' spending per purchase decreased by 2% year over year, even after the retailer cut prices on thousands of items this year. Related: Target flags startling customer behavior ahead of holidays Target claims that its low sales are due to consumers pulling back on their spending due to macroeconomic concerns. As a result, it is predicting that its comparable sales during the holiday season could remain “flat.
” “Consumers tell us their budgets remain stretched, and they're shopping carefully as they work to overcome the cumulative impact of multiple years of price inflation,” said Target CEO Brian Cornell during an earnings call on Nov. 20. Brandon Bell/Getty Images Target’s struggles with its recent sales also come after it faced a massive boycott from consumers over its Pride collection last summer, which faced criticism for marketing LGBTQ merchandise such as transgender swimsuits towards children.
Target announces steep Black Friday discounts As the co.
