The retailer is planning $3 billion worth of cost-saving measures after quarterly profits fell by nearly 50 percent.
season, supported by the decisive inventory actions we took earlier this year, the rapidly evolving consumer environment means we’re planning the balance of the year more conservatively,” Cornell continued. “We’re also taking new actions to drive efficiencies now and in the future, optimizing our operations to match the scale of our business and drive continued growth.
Despite declines in quarterly profits in the most recent quarter, Target said in-store traffic actually increased.A few bright spots during the quarter included comparable sales growth, which was up 2.7 percent, year-over-year, driven by a 1.4 percent increase in traffic and 1.3 percent increase in average ticket price, year-over-year. Comparable digital sales were up 0.3 percent during the quarter.
Target is now anticipating low-single-digit declines in comparable sales during the holiday shopping season, with an operating margin rate centered around 3 percent. What the company did reveal during its earnings release was that it “was undertaking an enterprise-wide effort to simplify and gain efficiencies across its business with a focus on reducing complexities and lowering costs while continuing to support its team. These savings will support the company’s investments in driving deeper guest engagement and long-term growth while also delivering on its profit goals.
“There are quite a few headwinds. But we’ve shown time and time again that our strengths can overcome any challenge we face,” Cornell said.
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