Target's holiday forecast squeezed by 'stressed' consumers, shares fall 17%

📆 11/16/2022 10:16 PM
📰 Reuters

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Target Corp forecast a surprise drop in holiday-quarter sales on Wednesday, blaming surging inflation and 'dramatic changes' in consumer spending for a drop in demand for everything from toys to electronics.

Q3 adj. EPS halves to $1.54 vs. estimates $2.13Nov 16 - Target Corp

Target said it would launch a cost-cut plan to save $2 billion to $3 billion over three years, but declined to disclose specific details. It, however, said mass layoffs or a hiring freeze are not part of its current plans. A Target shopping cart is seen in front of a store logo in Azusa, California U.S. November 16, 2017. REUTERS/Lucy Nicholson/File Photo

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