Retailers were blindsided by the lightening-fast switch from spending on goods for the home, like TVs and small kitchen appliances, to dinners out, movies and travel.
FILE - A worker collects shopping carts in the parking lot of a Target store on Wednesday, June 9, 2021, in Highlands Ranch, Colo. Target reported solid sales for the fiscal second quarter of 2022, but its profits plunged nearly 90% because it slashed prices to clear inventories of clothing, home goods and other discretionary items.
“While these inventory actions put significant pressure on our near-term profitability, we’re confident this was the right long-term decision in support of our guests, our team and our business," CEO Brian Cornell said. Target said it's carefully “listening to the wants, needs, hopes and concerns," of customers, said Christina Hennington, Target's chief growth officer and executive vice president.
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