CEO Brian Cornell in a release cited 'a very challenging environment,' with groceries, beauty items and household essentials lifting sales as consumers focused on necessities.
Target's net income for the period, which runs from November through January, fell by about 43% to $876 million, or $1.89 per share, from $1.54 billion, or $3.21 per year in the year-ago period.
Target said needs-based merchandise sold better in the quarter. Food and beverage made up its strongest category, with comparable sales rising by low double digits year over year. Essentials and beauty increased by high single-digits, and several discretionary-focused categories, including home and apparel, declined, but the company didn't specify by how much.
by 3% year over year during the fiscal fourth quarter. Its inventory had been up about 14% year over year in the third quarter,Target said that it has a different mix of merchandise, too. Inventory in discretionary categories fell about 13% compared with a year ago, as the retailer ordered more high-frequency items like food and paper towels.
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