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Is Target losing money?

Target sees drop in sales after rightwing backlash to Pride merchandise The rightwing backlash to the retail giant Target’s Pride Month merchandise contributed to a sharp drop in sales over the last three months, the company announced on Wednesday. Target is reviewing how it will market its Pride Month merchandise next year.

  1. Over the last three months, sales at the retailer fell 5.4%, a higher decline than Wall Street expectations, according to the company’s second-quarter earnings report.
  2. The company decreased its profit outlook for the year and said it expects further declines for the rest of the year.
  3. The decrease comes after Target saw immense growth during the pandemic, as customers flocked to the company’s stores and websites during lockdown, and the company deeply discounted items to get rid of inventory.

At the beginning of 2023, the company reported since 2019. Company execs say the recent decrease in sales speaks to changing consumer spending due to factors like higher interest rates and increased prices for food and other essentials. Americans are also spending less at stores and focusing more on experiences.

“Guests are out at concerts. They’re going to movies, they’ve seen Barbie. They’re enjoying those experiential moments, and they’re shopping in favor of travel or spending time out of the house in other ways,” Brian Cornell, Target CEO, told reporters. Target leaders also said the backlash to its Pride Month collection also hurt sales, though the specific impact could not be quantified.

“The strong reaction to this year’s Pride assortment affected sales,” Christina Hennington, Target’s chief growth officer, on Wednesday. “The reaction is a signal for us to pause, adapt and learn.” In May, Target became the focus of conservative backlash against LGBTQ+ pride merchandise that it was selling at its stores for Pride Month, which takes place in June.

  1. Though the company had been selling Pride merchandise for over a decade, it reported an increased number of customers who were threatening employees at stores over Pride Month displays.
  2. In response to these “volatile circumstances”, the company said it would be removing some of its Pride merchandise and would move displays to the back of stores.

Target’s response to the conservative backlash provoked a separate backlash from the left, who said the company was caving to extremists. “CEO of Target Brian Cornell selling out the LGBTQ+ community to extremists is a real profile in courage,” the California governor, Gavin Newsom, tweeted in May.

This isn’t just a couple stores in the south. There is a systematic attack on the gay community happening across the country.” On Wednesday, Cornell said the company has been re-evaluating its strategy around Pride Month after the backlash. Sign up to First Thing Our US morning briefing breaks down the key stories of the day, telling you what’s happening and why it matters Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties.

For more information see our, We use Google reCaptcha to protect our website and the Google and apply. after newsletter promotion “We’ll continue to celebrate Pride and other heritage moments, which are just one part of our commitment to support diverse teams and guests,” Cornell said.

However, as we navigate an ever-changing operating and social environment, we’re applying what we’ve learned to ensure we’re staying close to our guests and their expectations of Target.” Target is one of the first large retail companies to report their second-quarter earnings, so it is unclear how much of the sales decline is specific to the retailer versus an overall decline in consumer spending at stores.

Anheuser-Busch InBev, the parent company of Bud Light, also reported a earlier this month after it faced an intense conservative backlash for sponsoring a post by the transgender influencer Dylan Mulvaney in the spring. : Target sees drop in sales after rightwing backlash to Pride merchandise

Is there a Target in Australia?

Target – There are currently 124 Target department stores located throughout Australia that stock the full range of Target’s products. Target is also pushing their online presence since the major closures. Each state and territory have at least two Target stores:

  • Australian Capital Territory – 2 stores
  • New South Wales – 32 stores
  • Northern Territory – 2 stores
  • Queensland – 30 stores
  • South Australia – 12 stores
  • Tasmania – 4 stores
  • Victoria – 30 stores
  • Western Australia – 12 stores

How long was target in Canada?

From Wikipedia, the free encyclopedia

Target Canada Co.

The mall entrance to the Target store at Shoppers World Brampton in Brampton, Ontario (store #3668), during its grand opening in 2013. Closed in 2015, and later expanded and became a Jysk, Staples, GoodLife Fitness, and a Giant Tiger in 2018.
Type Subsidiary
Industry Retail
Predecessor Zellers
Founded January 2011 ; 12 years ago
Defunct 12 April 2015 ; 8 years ago
Fate Bankruptcy
Headquarters Mississauga, Ontario
Number of locations 133 (2015)
Area served Canada
Key people Aaron Alt (CEO)
Products Beauty and health products; bedding; clothing and accessories; electronics; food; furniture; housewares; jewelry; lawn and garden; pet supplies; shoes; small appliances; sporting goods; toys/games.
Number of employees 17,600 (2015)
Parent Target Corporation
Website Archived official website at the Wayback Machine (archive index)

Target Canada Co. was the Canadian subsidiary of the Target Corporation, the eighth-largest retailer in the United States. Formerly headquartered in Mississauga, Ontario, the subsidiary was formed with the acquisition of Zellers store leases from the Hudson’s Bay Company (HBC) in January 2011.

  1. Target Canada opened its first store in March 2013, and was operating 133 locations by January 2015.
  2. Its main competition included Walmart Canada, Loblaws, Shoppers Drug Mart, and Canadian Tire,
  3. Target Canada was ultimately unsuccessful, with an overly-aggressive expansion initiative, in addition to higher prices and a limited selection of products compared to Target stores in the United States and its Canadian rivals, particularly Walmart.

The retail chain racked up losses of $2.1 billion in its lifespan, and was widely viewed as a failure, termed a “spectacular failure” by Amanda Lang of CBC News, “an unmitigated disaster” by Maclean’s magazine and “a gold standard case study in what retailers should not do when they enter a new market” by the Financial Post,

Does Times Square have a Target?

Target Times Square 42nd Street Store, New York, NY.

Did Target sales drop for LGBTQ?

New York CNN — Target’s quarterly sales fell for the first time in six years as consumers pulled back on discretionary goods and fierce right-wing backlash to Target’s Pride Month collection took a toll on the brand. Target’s sales at stores open for at least one year dropped 5.4% last quarter, including a 10.5% drop online.

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The company also cut its annual sales forecast. Target’s foot traffic dropped 4.8% last quarter, “likely a function of a mix that skews too discretionary, as well as the Pride merchandise issues,” Michael Baker, an analyst at DA Davidson, said in a note to clients. Still, Target’s profit came in higher than Wall Street’s expectations, and the stock rose 5% during early trading Wednesday.

Heading into Wednesday, Target’s stock dropped 27% over the past year. Target was one of the strongest-performing retailers during the pandemic as consumers flocked to stores and its website while stuck at home. But Target has slipped as consumers change their spending patterns.

  • Americans are spending more on experiences, including concerts and movies, and less on nonessential items.
  • Home Depot (HD) said Tuesday that consumers took on fewer major home renovation projects,
  • Target (TGT) is over-exposed to non-essential merchandise compared to competitors such as Walmart (WMT) and Costco (COST),

More than half of Target (TGT) ‘s merchandise is discretionary – clothing, home decor, electronics, toys, party supplies and other non-essentials. The company in recent years has added more food and essentials to its stores. “Consumers are choosing to increase spending on services like leisure, travel, entertainment and food away from home, putting near-term pressure on discretionary products,” CEO Brian Cornell said on a call with analysts Wednesday.

  1. Cornell said that store theft and safety have also become bigger concerns.
  2. Safety incidents associated with are moving in the wrong direction,” Cornell said.
  3. During the first 5 months of this year, our stores saw a 120% increase in theft incidents involving violence or threats of violence.” Target has been embroiled in the political culture wars over gender and sexual orientation.

Beginning in May, Target also faced a homophobic campaign that went viral on social media over its annual Pride Month clothing collection. Fueled by far-right personalities, the anti-LGBTQ campaign spread misleading information about the Pride Month products.

  • The campaign became hostile, with violent threats levied against Target employees and instances of damaged products and displays in stores.
  • Target said on May 24 that it was removing certain items that caused the most “volatile” reaction from opponents to protect its workers’ safety.
  • But Target’s response frustrated supporters of gay and transgender rights, who said the company caved to bigoted pressure.

“The strong reaction to this year’s Pride assortment” impacted sales during the quarter, Christina Hennington, Target’s chief growth officer, said Wednesday. Target will adjust its Pride Month collection next year, including potential changes to timing, placement in stores and the mix of brands it sells.

The reaction is a signal for us to pause, adapt and learn,” she said. Other brands, such as Bud Light, have faced right-wing backlash over attempts to be more inclusive. America’s former top-selling beer has targeted by right-wing media and anti-trans commentators since April, after sponsoring transgender influencer Dylan Mulvaney.

The controversy cost Bud Light’s parent company about $395 million in lost US sales and Bud Light lost its top beer spot to Modelo.

Why is Target stock so low?

– Source: CNN ” data-fave-thumbnails=”, “small”: }” data-vr-video=”” data-show-html=”” data-byline-html=”” data-check-event-based-preview=”” data-network-id=”” data-details=””> Target facing backlash following removal of merchandise ahead of Pride Month 01:50 – Source: CNN New York CNN — Target’s stock has lost about a fifth of its value over the past two and half weeks. It’s not about what you may have heard. If you follow right-wing media or Twitter, you may have seen a lot of coverage recently about Target’s stock price falling because of outrage over its Pride Month clothing, It’s conceivable that some investors sold Target because of the negative coverage on Fox News and other right-wing outlets. But Target’s stock went on a nine-day losing streak and hit a three-year low this week because of broader changes in the US economy, the possibility of a recession, and Target’s over-exposure to discretionary merchandise, according to corporate executives and retail and investment analysts. Target is just one of many retail stocks that is dropping right now, and it’s not even the biggest. Foot Locker (FL) has lost 40% since it reported earnings last month and Children’s Place (PLCE) dropped 39%. Since Target reported earnings on May 17, its stock dropped 19% through Thursday’s close. During that stretch the S&P 500 Retail Index (XRT) dropped 7%. Target’s peers such as Walmart (WMT), Macy’s (M), Dollar General (DG), Dollar Tree (DLTR) and others all fell during that stretch. The culprit for all these stock drops is not clothing for LGBTQ consumers and allies, said Berna Barshay, a veteran research and investment analyst. It’s “general retail and consumer jitters. Retail is just very out of favor right now, so all the stocks in the sector are overcorrecting.” Shoppers, particularly Target’s primary shopping base of middle-income households, have been pinched by rising costs and inflation. They have made changes to their shopping patterns as a result. More than half of Target’s merchandise is discretionary – clothing, home decor, electronics, toys, party supplies and other non-essentials. Shoppers have shifted away from discretionary goods and instead are spending more on food, household essentials, travel and other services. These changes are hurting Target. Target’s sales inched up just 0.5% last quarter. Target said sales of clothing, home goods and other discretionary categories dropped by up to low double-digits, while food and beverage sales increased by high single digits. JP Morgan, which downgraded Target’s stock Thursday, said in a report that “we continue to believe that the consumer is broadly weakening while the share of wallet shift away from goods is ongoing.” JP Morgan did not include a word about consumer backlash to Target’s Pride Month collection. “Retail is in a strong downdraft. There is real panic about the state of the consumer,” said Barshay. Yet right-wing outlets and personalities have repeatedly claimed that Target’s decline was due to backlash over its Pride Month clothing, “Target shares hit three-year low as Pride backlash hits bottom line,” a Fox News headline said Friday. Fox News aired more than 2 hours of coverage on Target’s Pride Month displays from May 23 to May 30, according to Media Matters, a liberal media monitoring group. Target faced a homophobic campaign that went viral on social media over its annual Pride Month clothing collection. Fueled by far-right personalities, including self-described “theocratic fascist” Matt Walsh, and on social media platforms, the anti-LGBTQ campaign spread misleading information about the Pride Month products and Target’s business practices. The campaign became hostile, with violent threats levied against Target employees and instances of damaged products and displays in stores. Target said on May 24 that it was removing certain items that caused the most “volatile” reaction from opponents to protect its workers’ safety.

What countries are Target?

Target Corporation

Logo used since 2018
Corporate headquarters, Target Plaza, in Minneapolis
Number of locations 1,948 stores (2023)
Area served United States, Canada (formerly, see Target Canada)
Key people Brian C. Cornell (Chairman & CEO)

Who owns Target now?

Conclusion – In conclusion, Target Corporation has undergone significant changes in its ownership structure throughout its history. Originally a subsidiary of the Dayton-Hudson Corporation, which was owned and controlled by the Dayton family, Target transitioned to a publicly traded company through its initial public offering (IPO) in 1967.

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Do we have Target in UK?

There’s simply no UK equivalent of Target. The alternative to shopping Target where you can buy everything on your shopping list – from milk to shoes to sheets to an iPhone 14 – while sipping on a Starbucks skinny vanilla latte requires multiple stores in the UK.

Is Target still struggling?

Sales slide after Covid bump – Target’s struggles to win over shoppers in the face of inflation have dragged down the company’s stock. As of Tuesday’s close, its shares had fallen 16% this year, even as the S&P 500 had risen by 15%. Its stock price touched a 52-week low of $124.96 on Tuesday, nearly cut in half from its pandemic highs.

  • Target’s challenges continued in the most recent three-month period.
  • Total revenue dropped about 5% from $26.04 billion a year ago.
  • Comparable sales, a key metric that tracks sales online and at stores open at least 13 months, declined 5.4%.
  • That’s a sharper fall than the 3.7% drop that analysts expected, according to consensus estimates from StreetAccount.

For stores, comparable sales declined 4.3%. Digital comparable sales dropped 10.5% Sales softened in the second half of May and into June before recovering in July, Cornell said. He said the Fourth of July holiday and Target Circle Week, its competing sale during Amazon Prime Day, helped lift results.

  1. Chief Financial Officer Michael Fiddelke said on the call with reporters that it is hard to quantify which factors most contributed to Target’s slower sales.
  2. Among them, customers continued to buy less clothing, home decor and other nonessential items while paying more for food, energy and rent.
  3. The company’s sales tailed off compared with the year-ago period when sharp markdowns helped clear through a glut of inventory and drove purchases.

And Target faced backlash in late May over its collection of merchandise celebrating Pride month, including some items it later pulled after threats to employees. The decision to remove certain items sparked more criticism. Cornell said “negative reaction” to Target’s Pride collection had a material impact on sales.

Does Canada have Walmart?

Headquartered in Mississauga, Ontario, Walmart Canada is proud to serve Canadians from coast to coast. We have expanded rapidly since our Canadian beginnings in 1994, and are proud to operate over 400 stores in communities across the country.

Does Target do price matching?

We’ll match the price if you buy a qualifying item at Target then find the identical item for less at Target.com, select online competitors, or in Target’s or competitor’s local print ad. Price matches may be requested at time of purchase or within 14 days after purchase.

Why there are no Walmarts in NYC?

How come there are no Wal-Mart’s in New York City? The Mayor Bill De Blasio and the United Food & Commercial Workers (UFCW) are against having Walmarts in New York City boroughs. But you’ll find them in NJ, Yonkers, or Long Island but it’s about it.

Does NY have Target?

Target Upper West Side 61st and Broadway Store, New York, NY.

Why is Target red?

What are the logo design elements of Target? – The Target logo—we all know it and love it. The clean, symmetrical, and minimalistic design sticks in our minds and evokes positive emotions. The red color symbolizes energy, desire, and power while also contrasting nicely against anything it is placed against.

The monochromatic color scheme also means it is easy to read and eye-catching. The Target logo conveys its goals clearly, with the brand aiming to provide precisely what the customer wants and needs. While there are theories that the three rings (two red, one white) represent the unity between the company and its stakeholders, that might be a bit of a stretch.

What is for sure is that the circular logo reminds viewers of completeness and timelessness, both important qualities for the Target brand identity,

Why is Starbucks in Target?

Is There Anything Special About Starbucks Cafes In Target? You know that saying, “If it walks like a duck, and it talks like a duck, it must be a duck”? The same holds true for, Whether we’re talking stand-alone cafes or stores located at Target, they’re all Starbucks through and through.

Almost. There are some behind-the -scenes differences, but the customer experience at both locations is the same. Here’s the deal: Target and Starbucks, as separate entities, engaged in a licensing agreement in 1999 that allows Target to sell Starbucks products and use Starbucks branding. That means, regardless of location or affiliation, all Starbucks look the same and offer the same roster of coffee and food items, including seasonal favorites.

In addition, most locations carry the same inventory of year-round and seasonal merchandise. Except for one thing: The Bullseye Cake Pop is exclusive to Target locations. Before we move on, let’s address an ongoing debate among Starbucks fans. The argument centers on rumored disparities between the training employees at stand-alone Starbucks get versus the training required for Target Starbucks baristas.

A former Starbucks barista with experience working in both settings took to in 2022 to set the record straight, “Most Starbucks baristas will tell you that Target is not trained at the level that regular Starbucks is, and that’s absolutely false because all of their training modules are the same.” However — no matter good they are — Target Starbucks baristas, as Target employees, are not allowed to accept gratuities.

Even though they’re run by different companies, as long as everyone is following the rule book, the customer experience at Starbucks stand-alone cafes and Target Starbucks should be seamlessly similar. That’s a big deal because in the 20-plus years since the two corporate giants initiated the agreement, has opened more than 1,700 in-store cafés nationwide.

While that’s only a fraction of the almost 16,000 stores Starbucks operates in the United States, it’s an important fraction to loyal Target shoppers who’ve learned how to work the partnership to their advantage through their Red Card and Circle discounts. And then there’s the one-stop-shopping perk at Target Starbucks.

In 2022, Target began offering Starbucks curbside delivery in conjunction with its existing curbside pickup service at participating locations. The initiative allows Target shoppers to place a Starbucks order to go and have it delivered, along with their Target order, straight to their car.

Why did Target get so popular?

Cheap-chic retailer Target is one of the best-loved brands in America, and for good reason. Their store, pickup, delivery, and drive up experiences are industry-leading. They made $25 billion in 2021 with about 1900 stores dotted across the US. Fortune named them number seventeen on its annual “World’s Most Admired Companies” list.

How high can Target stock go?

Based on 28 Wall Street analysts offering 12 month price targets for Target in the last 3 months. The average price target is $147.77 with a high forecast of $190.00 and a low forecast of $105.00. The average price target represents a 22.97% change from the last price of $120.17.

Is Target stock Overvalued?

Conclusion – In conclusion, Target’s stock appears to be significantly undervalued. The company’s financial condition is fair, and its profitability is strong. However, its growth ranks lower than 74.42% of 258 companies in the Retail – Defensive industry.

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Should I dump Target stock?

3. The price is high – Target’s stock price valuation has declined significantly since late 2022, when the company was enjoying phenomenal growth and expanding profitability. You can own shares for about 0.6 times annual sales today, or roughly half the peak valuation from 2022.

  • There are better deals in the industry right now.
  • Walmart pays a strong dividend, is growing faster, and hasn’t seen the type of huge margin slump that Target is enduring.
  • For more growth-focused investors, consider Ulta Beauty, which is forecasting double-digit margins in 2023 as it wins market share in the makeup and beauty products niche.

Target’s business will likely be back to setting sales and earnings records, and current shareholders don’t need to abandon the stock. But there are more attractive options available right now in the retail industry. Demitri Kalogeropoulos has positions in Costco Wholesale.

How much money does Target lose?

Target –

Second quarter shrink cost: $219.5 million higher than the year-ago period

Shrink bit into Target’s gross margin by 0.9 percentage points during its fiscal second quarter ended July 29, the retailer said in a securities filing. When taken as a percentage of sales, shrink was $219.5 million higher during the quarter than it was in the year-ago period.

For the first half of the year, shrink costs were about $444 million higher than they were last year. Target previously revealed it is on pace to lose more than $1 billion this fiscal year from shrink, Target’s shrink losses, taken as an increase from fiscal 2022, represented about 0.7% of its total sales.

They paled in comparison to how much profit the retailer lost from liquidating excess merchandise and taking other inventory actions during the year. The company noted in its annual securities filing that “merchandising” hit its gross margin by about 3.4 percentage points, which amounted to about $3.66 billion shaved off of profits.

Did Target lose $400 million?

Target blames ‘organized retail crime’ for $400M loss in profits this year

  • Target said it has lost a whopping $400 million in profits this year thanks to organized gangs of shoplifters who have been systematically stealing merchandise from its discount stores.
  • “At Target, year-to-date, incremental shortage has already reduced our gross margin by more than $400 million vs. last year,” Target CFO Michael Fiddelke said on an earnings call earlier this week, which was
  • Fiddelke added that “we expect it will reduce our gross margin by more than $600 million for the full year.”

A Target spokesperson told Yahoo! Finance that the “shrinkage” which the CFO referred to was attributed specifically to “organized retail crime.” Fiddelke said that there are “a handful of things that can drive shrink in our business and theft is certainly a key driver.” Target says that its profits have fallen due to increased shoplifting at its stores.

  1. In September, was burdened with a $5 million year-over-year increase in “shrink” — a term in the retail industry which means losses related to theft, fraud, or administrative errors.
  2. Rite Aid CEO Heyward Donigan told analysts that the problem was particularly acute in New York City.
  3. “I think the headline here is the environment that we operate in, particularly in New York City, is not conducive to reducing shrink just based upon everything you read and see on social media and the news in the city,” chief retail officer Andre Persaud said.
  4. As The Post has reported, NYC-area Rite Aid stores have been bombarded with theft this year — with shoplifters calmly taking of cameras.
  5. For example, the Rite Aid at the corner of Eighth Avenue and 50th Street in Hell’s Kitchen lost more than $200,000 in stolen merchandise over just a two-month span. The
  6. Additional reporting by Thomas Barrabi

: Target blames ‘organized retail crime’ for $400M loss in profits this year

Will Target stock go back up?

Stock Price Forecast – The 28 analysts offering 12-month price forecasts for Target Corp have a median target of 141.00, with a high estimate of 184.00 and a low estimate of 120.00. The median estimate represents a +30.07% increase from the last price of 108.40.

Why did Target say that they lost 90% profit from last year to this year?

Target’s profit fell 90% as it got rid of excess merchandise this summer For much of the pandemic, Target Corp. turned insatiable demand into record growth. But Wednesday, executives at the Minneapolis company had to explain a significant drop in profit.

  • Target’s profit fell 90% in the May-through-July period as the company cut prices and canceled orders to get rid of items that weren’t selling.
  • It warned in June that inventory had grown out of hand.
  • The vast majority of the financial impact of these inventory actions is now behind us,” Target CEO Brian Cornell said.

Target said it earned $183 million, or 39 cents a diluted share, for its second fiscal quarter. That was 33 cents below the consensus forecast of analysts. Revenue grew 3.5% to $26 billion. Its shares fell 2.7% on the news. Target reduced $1.5 billion of orders for discretionary products planned for the fall.

Even so, its inventory at the end of the quarter was $15.3 billion, up from $15.1 billion three months earlier. Over-ordering is at the heart of Target’s inventory woes. For the past couple of years, it and other retailers bought products in excess to try to get ahead of shipping delays. Target executives attributed a portion of the increase in inventory value to inflation.

“I think everyone had a bit of a glut in inventory, but Target has seemed to be affected a lot more by this then almost any other retailer out there,” Neil Saunders, managing director of the data analytics company GlobalData, said in an interview. By contrast, Walmart on Tuesday posted quarterly profit growth of more than 20% and said it had reduced its inventory value by more than 2% compared with the spring.

  • I think it does show that Target has really managed this very badly.
  • And I think that’s on them,” Saunders said.
  • Cornell said it made more sense to immediately address inventory bloat rather than let goods clutter stores and warehouses.
  • Consumers who now face higher prices on everything from gas to groceries are shifting to buy lower margin necessities, such as food.

At the same time, retailers are also suffering from higher transportation and goods costs. There were bright spots in Target’s numbers. Despite lapping a strong growth period last year, the company’s comparable sales grew nearly 3% along with traffic to its stores and website that also grew close to 3%.

Same-day services, including curbside drive-up, continue to be popular, rising nearly 11% compared with last year. Grocery, beauty and household essentials continued to be top performers as customers facing high inflation focused more on purchasing necessities. Home and apparel sales declined. Customers are turning to Target’s own brands of products more frequently and responding more to promotions, said Christina Hennington, Target’s chief growth officer.

“They still have spending power, but they’re increasingly feeling the impact of inflation,” she said. “And while the recent reduction in prices at the gas pump has been encouraging, guests’ confidence in their personal finances continues to wane.” Cornell said back-to-school, which is typically a well-performing shopping season for Target, showed strong sales this summer.