Target has reported weaker-than-expected sales for its the fiscal second quarter. The retailer's results were hit by headwinds including inflation and the widely publicized negative reaction by some customers to its Pride merchandise.
CEO Brian Cornell said higher high prices for food and household essentials are taking a bigger chunk out of the paychecks of customers, who have also pulled back on buying some goods in favor of travel or spending time out of the house in other ways.
Walmart, the nation’s largest retailer, reports earnings Thursday. Macy’s, Kohl’s and Nordstrom post quarterly results later this month.that showed that Americans increased their spending last month on clothing, dining out and online goods — a sign that solid consumer spending is still powering a resilient U.S. economy.
Sales fell nearly 5% to $24.77 billion from $26.04 billion as shoppers focused more on groceries and beauty products instead of discretionary items. Business in the quarter was also hurt because results were being compared with heavy discounting in the year-ago period that was meant to clear unwanted inventory.Inventory at the end of the second quarter was 17% lower than last year, reflecting a 25% reduction in discretionary categories like fashion and home furnishings.
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