For the full year, Target expects comparable sales – those from stores open at least a year and online channels – will range from a low single-digit decline to a low single-digit increase
“We’re planning our business cautiously in the near term to ensure we remain agile and responsive to the current operating environment,” Target CEO Brian Cornell said in a statement.
Target has taken a bigger hit to its business compared to other big box retailers likely because it relies more on discretionary items like clothing and home furnishings. More than 50 per cent of Walmart’s U.S. business comes from groceries; that number is 20 per cent at Target. Last November, Target said it was slashing expenses with a goal of saving $2-billion to $3-billion over the next three years. Those cost cuts would not include widespread layoffs or hiring freezes, executives said. At that time, it said shoppers were waiting to buy on sale, purchasing smaller packages and trading down to store brands instead of national labels, which tend to be more expensive.
Sales rose 1.3 per cent, to $31.4-billion. Analysts were expecting earnings of $1.40 a share on sales of $30.7-billion, according to FactSet.
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