Target Corp posted a surprise rise in holiday-quarter sales on Tuesday, buoyed by an increase in store traffic from discount-hungry Americans, even as it joined other retailers to caution on 2023 earnings due to an uncertain U.S. economy.
Shoping carts are wheeled outside a Target Store during Black Friday sales in Brooklyn, New York, U.S., November 26, 2021. REUTERS/Brendan McDermidQ4 discretionary inventories fall 13%posted a surprise rise in holiday-quarter sales on Tuesday, buoyed by an increase in store traffic from discount-hungry Americans, even as it joined other retailers to caution on 2023 earnings due to an uncertain U.S. economy.
Surging prices over the last year have hurt demand for non-essential products, forcing retailers to cut prices on everything from toys to electronics to clear stocks.
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