Target’s sales fell for the first time in 7 years
CNN
Target, a barometer of the American consumer, said its sales last year fell for the first time since 2016. Now it’s predicting a sluggish 2024 as shoppers are weighed down by higher prices and a shift in spending.
Target, a barometer of the American consumer, said its sales last year fell for the first time since 2016. Now it’s predicting a sluggish 2024 as shoppers are weighed down by higher prices. Target said Tuesday that its sales at stores open for at least one year declined 3.7% last year. Target projects sales to grow by up to 2% this year. The company’s business has slowed since shoppers stocked up at its stores and online during the height of the pandemic in 2020 and 2021. Since its surge, Target’s core middle-class customer base has been strained by higher prices and pulled back on discretionary goods, such as home decor, electronics and non-essential clothing. Target’s sales have declined for three straight quarters. Nevertheless, the company exceeded Wall Street’s sales expectations for the holiday season, and Target’s (TGT) stock surged more than 8% higher Tuesday in premarket trading. Heading into Tuesday, Target’s stock had dropped 43% since its 2021 peak. Target has slumped because of its merchandise mix and prices compared to rivals like Walmart.
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