Target has reported weaker-than-expected sales for its the fiscal second quarter.
The Minneapolis retailer expects high interest rates, which makes credit cards more expensive to use, and higher prices on food to continue to put a strain on customers and on Wednesday, the chain cut its profit and sales expectations for the year. In lowering its forecast, Target also cited the end of, which had provided one-time college students a little more financial breathing room.
Target is among the first major U.S. retailers to report quarterly financial results and the impact of rising prices and elevated interest on its customers will get a lot of attention ahead of a raft of quarterly reports from companies like Walmart other retailers. Industry analysts will be eager to see if the same forces are impacting other retailers reporting earnings this week, including Walmart, the nation’s largest, on Thursday. Macy’s, Kohl’s and Nordstrom post quarterly results later this month.last month, but higher interest rates are weighing on economic activities that are highly dependent on credit, like sales of homes, vehicles, furniture and electronics.
Target earned $835 million, or $1.80 per share, in the quarter that ended July 29. That compares with $183 million, or 39 cent per share, in the year-ago period. 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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