Target wrestles with pullback in spending and theft that may cost retailer more than $1B this year

The Associated Press

NEW YORK (AP) – Target has reported another quarterly profit decline and issued a cautious sales and profit outlook for the current period.

The discounter is dealing with rising costs and consumers who are more cautious about their spending.

Still, Target’s fiscal first-quarter results Wednesday beat Wall Street expectations and the company reiterated its annual sales and profit forecasts. Target is among the first major U.S. retailers to report first-quarter earnings.

Retail industry analysts will be looking to see how stubbornly high inflation and tightening credit are impacting shoppers.

Read the full story on AP News right here.

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5/17/2023 12:53:09 PM (GMT -5:00)