Target said it will have a slightly more focused assortment and will reconsider the mix of its own and national brands with its external partners. Overall sales improved in July from June.Ĭornell said the company has learned from the backlash and that it will be more thoughtful in merchandise offerings for its heritage months, which celebrate various ethnic and marginalized groups. Company executives said this week that it couldn’t tease out how much the negative reaction had on its business, but once it made the changes, those incidents subsided. It pulled some items in particular regions and made other changes after encountering hostility from some customers who confronted workers and tipped over displays. Target also faced a unique problem during the most recent quarter, becoming one of the companies that was targeted for its LGBTQ+ support, in particular, its displays of Pride Month merchandise. More than 50% of Target’s annual sales come from discretionary items like toys, fashion and electronic gadgets, according to the company’s latest annual financial report. Target is more vulnerable than other big box discounters like Walmart. reported that Americans increased their spending last month, but higher interest rates are weighing on economic activities that are highly dependent on credit, like sales of homes, vehicles, furniture and electronics. Macy’s, Kohl’s and Nordstrom post quarterly results later this month. Industry analysts will be eager to see if the same forces are impacting other retailers reporting earnings this week, including Walmart, the nation’s largest, on Thursday. Sales of big-ticket items, those that may require financing, were particularly hard hit. Home Depot, the nation’s largest home improvement retailer, said Tuesday that sales continued to decline after surging in recent years.
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