Target is canceling orders from suppliers, particularly for home goods and clothing, and it's slashing prices to clear out amassed inventory ahead of the critical fall and holiday shopping seasons.
FILE - The bullseye logo on a sign outside a Target store is seen on Feb. 28, 2022. Target's first-quarter profit took a big hit from higher costs, despite strong sales growth. Target's results Wednesday, May 18, reflect the pressure on retailers' profits coming from surging inflation and persistent clogs in the supply chain.
The speed at which Americans pivoted away from pandemic spending was laid bare in the most recent quarterly financial filings from a number of major retailers. Target reported last month its In aggressively clearing out unwanted goods, Target wants to make room for what is now in demand, including groceries and makeup products. But Target is also facing sharply higher costs for everything from labor to transportation and shipping, and it will offset price cuts where it can with higher prices for goods now in demand.
Target is working with suppliers to cover costs for their vendors whose orders are being cancelled. In some cases, some of the raw materials that were meant for some goods will instead be used for other products in higher demand, Fiddelke said. Many of the orders for products being canceled have a long production lead time of nine months, he said.Target said the costs related to the moves will hurt the bottom line in the current quarter.
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