Target profits fall as the retailer clears through unwanted inventory and sales slow ahead of the holidays, with tough conditions expected to persist.
Yet getting rid of those goods hurt its profits. Target’s net income in the third quarter fell by about half — to $712 million, or $1.54 a share, from $1.49 billion, or $3.04 per share, a year earlier. Revenue rose 3.4% to $26.52 billion from $25.65 billion a year earlier.
He also said Target is seeing a higher level of shoplifting — which has jumped about 50% year over year. So far this fiscal year, those losses have had a more than $400 million impact on Target’s operating margin. Most of that has come from organized retail theft.Target’s quarter had bright spots. The company gained market share across all five of its key merchandise categories when looking at the volume of items sold. At stores and on its website, traffic grew by 1.
Food and beverage was one of Target’s strongest sales categories, with comparable sales growing by low double digits. Essentials grew in the low single digits, fueled by sales of pet and health items. Beauty had comparable sales growth in the midteens.
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