Fresh after reports that Walmart and Home Depot hit Wall Street with an ankle-breaking cross-over comes news that Target may not even be playing the same sport.
A 90% profit plunge hit the retailer in Q2 this year, stemming from consumers pulling back from unnecessary spending amid recession talk. The company was among retailers who tried to cut prices on clothes, electronics, and home goods to address excess inventory. The company ended the quarter with 1.5% more inventory than the previous quarter and 36% more year-over-year.
90% of what? The quarterly net profits for the company were $183m, down from $1.8b in Q2 2021.