Target reported disappointing quarterly sales and reduced its full-year forecast due to challenges convincing shoppers to buy beyond necessities. CEO Brian Cornell highlighted concerns about rising interest rates, returning student loan payments, and persistently high prices of everyday items, leading to reduced consumer spending. While Target's sales and store traffic improved in July, the company remains cautious about the rest of the year. The company is adjusting its product mix to focus on high-frequency categories like groceries and household essentials, aiming to navigate the challenging consumer landscape. Shares are down 16% for the year.
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00:00 It's Benzinga and here's what's on the block.
00:02 Target reported disappointingly quarterly sales and reduced its full-year forecast due
00:06 to challenges in convincing shoppers to buy beyond necessities.
00:09 CEO Brian Cornell highlighted concerns about rising interest rates, returning student loan
00:13 payments and persistently high prices of everyday items, leading to reduced consumer spending.
00:17 While Target's sales and store traffic improved in July, the company remains cautious about
00:22 the rest of the year.
00:23 The company is adjusting its product mix to focus on high-frequency categories like groceries
00:27 and household essentials, aiming to navigate the challenging consumer landscape.
00:31 Shares are down 16% for the year.
00:32 For all things money, visit Benzinga.com.
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