Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Business

Target says shoppers are buying fewer groceries and home goods

by May 23, 2024
May 23, 2024
Target says shoppers are buying fewer groceries and home goods

Target said Wednesday that its customers reduced spending on groceries and home goods as concern about high prices persisted last quarter.

The retailer said in its latest earnings report that overall customer traffic fell 1.9%, while the average amount that customers spent on those visits also dropped 1.9%. The company’s stock declined Wednesday morning as its profit missed Wall Street’s expectations for the first time since November 2022.

The Target earnings come amid broader concerns that U.S. consumers may be getting more discerning with their money, as savings dwindle, debt grows and prices remain high. Some CEOs of major consumer brands have warned about spending declines, though others, like executives at Sweetgreen and Delta Air Lines, have still seen growth.

On a call with reporters, CEO Brian Cornell said the company’s results reflect “continued soft trends in discretionary categories.’

He said the company wants to make sure it offers customers value and communicates that in a clear way. Target sought to get ahead of Wednesday’s report by announcing earlier this week that it would be cutting prices on thousands of items throughout its stores, including groceries and other staples.

Target remains more associated with discretionary purchases than with groceries: It only gets about 20% of its sales from food compared with rival Walmart, which draws about 60%.

As a result, it is more affected by any pullback in spending.

And even though inflation has recently shown signs of further slowing, the official 12-month rate remains above 3%, above the Federal Reserve’s 2% target.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Home sales slipped unexpectedly in April despite big gains in supply
next post
The 2024 wild card: How Trump trial verdict could reshape presidential election

Related Posts

Walmart workers are getting raises

January 24, 2024

Poorer areas see the bulk of clean energy...

December 1, 2023

Lucid CEO steps down; EV maker plans to...

February 28, 2025

Tesla recalls 120,000 vehicles over potentially faulty doors...

December 23, 2023

Kraft Heinz to remove artificial dyes from U.S....

June 18, 2025

Americans are starting to feel better about the...

December 9, 2023

Former Disney CEO Bob Chapek breaks silence, says...

March 25, 2024

The new class war: A wealth gap between...

April 30, 2024

Netflix to stream WWE’s ‘Raw’ starting next year...

January 24, 2024

Shein and Temu see U.S. demand plunge as...

June 6, 2025

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 2

      Understanding Lithium Mineralogy from an Investment Perspective

      September 12, 2023
    • 3

      US Capital Global Facilitates $50MM Financing to Accelerate Charbone Hydrogen’s North American Expansion

      June 6, 2025
    • 4

      Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

      June 6, 2025
    • 5

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 6

      Crypto Market Recap: Strategy Eyes US$1B Raise for Bitcoin Push, UK Regulator Reverses ETN Ban

      June 6, 2025
    • 7

      China’s aircraft carriers send message in the open Pacific for the first time – and bigger and more powerful ships are coming

      June 16, 2025

    Categories

    • Business (1,053)
    • Investing (2,079)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,387)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved