as it cancelled orders and aggressively marked down TVs, small kitchen appliances and more to make space for fresh merchandise for the back-to-school and holiday season.
This summer, the company also said it would stock up more on high-frequency categories like food and essentials, as Americans pulled back in other areas like home and apparel.Yet Chief Financial Officer Michael Fiddelke said the moves would position the company for a stronger back half of the year. Target said in August that it expects full-year revenue growth in the low to mid single digits. It also expects its operating margin rate to rebound and be in a range around 6% in the second half of the year. That would represent a jump from its operating margin rate of 1.2% in the fiscal second quarter., saying low-priced groceries are drawing customers across income levels.
Target, however, sells a different mix of merchandise. Only 20% of its annual sales come from grocery compared with Walmart, which gets nearly 56% from the category, according to the two companies' most recent annual reports. Target is better known for launching and growing trendy, but low-priced private label brands, such as activewear brand All in Motion, and Hearth & Hand, a home brand created with TV stars Chip and Joanna Gaines. Yet sales in those categories have cooled, as inflation runs hot and
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNN - 🏆 4. / 95 Read more »