Target’s profit plunged 52% in the third quarter and the retailer warned of a sluggish holiday. Target blamed inflation and a deteriorating economic outlook for its miserable quarter — and also lowered its outlook for the rest of the year. That sent shares down more than 12% in premarket trading.
Looking forward to the busy holiday shopping season, Cornell said the “rapidly evolving consumer environment means we’re planning the balance of the year more conservatively.” Target forecasts a low-single digit percentage decline in sales at stores open at least a year.
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