Target rings alarm bells about weak holiday season hampered by inflation
Target is warning about a weaker-than-usual holiday shopping season after its earnings plunged and its stock took a beating.
The retail giant announced on Wednesday that its third-quarter profit fell by more than 50% as it grappled with surging inflation and clearing through its unwanted inventory. The company warned that it could be a sign that this holiday season will fall short of expectations for retailers.
“As we look ahead, we expect the challenging environment to linger beyond the holiday season and into 2023,” Chief Financial Officer Michael Fiddelke said...