Target plans to invest as much as $5 billion this year expanding services for customers, including a drive up service for returns, renovations at 175 stores and improvements in online shopping.
But how Americans spend is changing, too. More people are spending money on travel or going out for dinner than they were during the pandemic, which can mean they are spending less at stores.
“We’re planning our business cautiously in the near term to ensure we remain agile and responsive to the current operating environment,” Cornell said in a statement. But even as Target projects lower sales, the retailer is pushing ahead to accelerate its e-commerce strategy. It announced last week that it will spend $100 million to develop a larger network of package sorting centers that cut the cost of delivering online orders while increasing the speed of delivery.Target said that its drive up service for returns will be rolled out to all stores by the end of this summer.
Fourth-quarter profits fell to $876 million, or $1.89 per share, for the quarter that ended Jan. 23. That compares with $1.54 billion, or $3.21 per share, in the year-ago period.
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