Target has reported sluggish sales and slumping profits in the fiscal third quarter as inflation-weary customers curtailed their spending on apparel and other n
NEW YORK — 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.
Target’s outlook was particularly concerning because the discount merchandiser reduced prices on more than 2,000 products for the holidays and rolled out a Thanksgiving dinner deal that put the cost of the holiday meal below last year’s total. That consumer sentiment wasn’t aligned in Target’s favor. Groceries account for about 60% of Walmart’s U.S. business, according to the Arkansas-based company’s most recent annual report. Target is more reliant on discretionary items like clothing and accessories because less than a quarter of its sales come from food and beverages.
Their marketing slogans reinforce that perception: Target’s is “Expect More. Pay Less.” Walmart’s is “Every Day Low Prices.” Walmart said it’s been gaining market share, especially among households with incomes over $100,000. Walmart’s online shopping services, which included curbside order pickups, and its paid membership shipping program, Walmart +, also have helped attract wealthier customers.
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