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Target Corporation is an American retail corporation that operates a chain of discount department stores and hypermarkets, headquartered in Minneapolis, Minnesota. It is the seventh-largest retailer in the United States, and a component of the S&P 500 Index. [3]
Target reported net income of $942 million, or $2.03 per share, which is 3 cents short of analysts projections, according to a survey by FactSet. Profit for the period ended May 4 was also below ...
Target in recent years has added more food and essentials to its stores, but still trails Walmart, which gets around half of sales from groceries. Walmart’s sales increased 3.8% last quarter.
Target shares fell 7.97% by the close of trading Wednesday on the heels of the results. Cornell went on to say sales trends are "normalizing" in categories where inflation has eased.
Cornell occasionally visits Target stores and asks guests about their shopping experiences. As CEO, Cornell has been praised by outlets such as CNN, describing him as Target's "ace CEO" and crediting him with the business' strong growth in the 2010s. In 2019, Cornell was named CNN's "Business CEO of the Year".
Target made its move on Monday, saying it has already reduced prices on about 1,500 items and plans to cut prices on thousands more this summer. Many of those cheaper items are staples, such as ...
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