Target's first-quarter profit took a big hit from higher costs, despite strong sales growth.
That dynamic has only been intensified in recent months as inflation jumps sharply, and the latest financial report from Target underscores the challenges.
What hasn't changed is the willingness of Americans to spend, even with inflation hovering near four-decade highs. Target said that revenue rose 4% to $24.83 billon in its most recent quarter, which was a little better than expected. Laura Veldkamp, a finance professor at Columbia University, says the constant “yo-yo of demand” has also contributed to pushing inflation higher because it has made it harder for businesses to plan.
Amazon reported its first quarterly loss since 2015 last month, stalled by a slowdown in pandemic-induced online shopping, in addition to a huge write-down of its investment in an electric-vehicle startup. Yet the same things that allowed Target to thrive in recent years, successfully stimulating impulse buys of discretionary goods, was a negative to start the year.
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