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The company reported that inventory in the February-through-April quarter was 43% higher than a year ago. He said he was in New York for the results announcement but hit the road immediately ...
The company is one of the largest American-owned private employers in the United States. The corporation was founded in Minneapolis by businessman George Dayton in 1902, and developed through the years via expansion and acquisitions. Target, the company's first discount store and eventual namesake, was opened in 1962.
In November 2022, Target blamed the dropping gross margin rate reduction from 28 percent to 24.7 percent in 2022 on shoplifting or "inventory shortage or shrink". The company expects losses due to theft will be $600 million in lost profits in 2022.
Target is canceling orders from suppliers, particularly for home goods and clothing, and it's slashing prices further to clear out amassed inventory ahead of the crucial fall and holiday...
Universal Thread, denim-based women's clothing [3] Wild Fable, women's clothing brand targeting gen-Z [4] Prologue, a line of sophisticated female clothing [5] Auden, an intimates and lingerie exclusive brand [6] Stars Above, an in-house brand for sleepwear [6] Colsie, an intimates and loungewear brand [6]
While these inventory-reducing measures resulted in a profit miss for the second quarter, Target CEO Brian Cornell said they have put the company "in a much better position" heading into the fall ...