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
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