Target benefited from pandemic shopping until inventory piled up. Rival Walmart confronts similar problems, but it sells more food as a percentage of revenue. Sticky inflation makes things harder for Target: jennifersaba
faces a similar challenge, but it has a more robust grocery aisle that should provide an edge during inflationary times.
The bullseye-logoed chain said net earnings fell 90% in the three months to July 30 from the same span a year earlier, to $183 million. It also sales estimates for stores open at least 13 months. Inventory spiked 36% to $15 billion as shoppers bought less clothing and home goods. Target’s share price has fallen about 30% this year.earlier this year that the bottom line would suffer because of product stockpiles. The Arkansas-based mega-store operator said on Tuesday, however, that its projections have improved over the last few weeks.
With inflation stubbornly clocking in at 8.5% on an annualized basis in July, Americans are increasingly likely to be feeling the pinch for months to come. The U.S. Commerce Department said on Wednesday that retail sales in July were flat compared to the previous month. Spending on groceries increased and weakened for apparel and general merchandise.
Around this time last year, Target’s market capitalization had quadrupled from 2017 while Walmart’s increased just 65% over the same span. That gap is now closing. Walmart’s value, including debt, is 24 times projected 2023 net income while Target’s multiple is about 18 times. Groceries should keep things financially fresher.
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