Target Corp on Tuesday forecast muted profit growth in 2023 and warned of the need for more discounts to woo shoppers cutting their discretionary spending due to surging inflation.
Shoping carts are wheeled outside a Target Store during Black Friday sales in Brooklyn, New York, U.S., November 26, 2021. REUTERS/Brendan McDermidPauses share buybacks until cash flow improvesFeb 28 - Target Corp
The retailer's discounting strategy powered its sales and profit in the holiday quarter to exceed market expectations for the first time in a year, lifting its shares up 2%. The big-box retailer warned that promotions could increase further in 2023 due to a "constrained environment for consumer spending".
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