ByMary Whitfill Roeloffs,
Forbes Staff.
The holiday season isn’t expected to be a bright one for Target this year after the retail giant reported tumbling third quarter profits and said it expects to see sales slump in the coming months, underscoring broader concerns about consumer spending heading into the holidays.
Target, which saw its CEO step down in August before saying it would cut about 1,800 corporate jobs in October, on Wednesday said it expects sales to fall through the holiday shopping season as shoppers work through an affordability crisis.
The retailer reported its profit fell to $689 million in the quarter ended Nov. 1, or $1.51 per share, down significantly from $854 million ($1.85 per share) one year ago and lower than the $1.71 per share analysts predicted.
