Target reported a 90% drop in profits during the second quarter as it clears out inventory, either by discounting or by cancelling orders.
Target's performance in the second quarter shows just how hard it’s been for the average retailer to operate during the pandemic,The swift economic recovery from the pandemic gave companies little time and room to adjust first toYou can find deals in home decor, furniture, small appliances and apparel.
A glut of inventory clutters sales floors, interrupts workflow and clogs fashion racks from carrying the freshest items, Cornell explained on the call.: Target said back-to-school and college shopping is currently looking "encouraging" ahead of the more important Halloween to holiday season in the latest part of the year.
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Target takes a hit after heavy discounts to clear inventoryTarget has reported solid sales for the fiscal second quarter but its profits plunged nearly 90% because it slashed prices to clear unwanted inventories of clothing, home goods and other discretionary items.
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BVTV: Target misses the mark | Reuters VideoThe $80 bln retailer saw its profit tumble as it slashed prices to move a glut of merchandise. That stands in contrast to rival Walmart, where customers are also under inflationary pressure. Jennifer Saba explains why its grocery heft gives it an edge over Target.
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