Inventory was still high, though: $15.32 billion at the end of the second quarter, compared with $15.08 billion at the end of the first.
In the second quarter, the company's net income fell to $183 million, or 39 cents per share, from $1.82 billion, or $3.65 per share, a year earlier. Target, on the other hand, said it is not seeing as much inflation-fueled change. Sales by unit grew in all five of its major merchandise categories, with particular strength in two categories: food and beverage, and beauty and household essentials.Comparable sales, a key metric that tracks sales online and at stores open at least 13 months, grew 2.6% in the second quarter, on top of 8.9% growth last year. That fell just short of estimates, which anticipated a 2.
Fiddelke said consumers vary by geography and income level, and they seek value in different ways. For example, some are buying bigger packs to save more per unit or trying one of Target's lower-priced private labels instead of a national brand.