An unexpected and potentially ominous pullback in customer spending ahead of the holiday shopping season pushed third-quarter profits at Target down 52% after it was forced to slash prices with Americans feeling the squeeze of inflation.
The Minneapolis retailer voiced caution about its sales and profit during the fourth quarter because of what it’s seen from its customers in recent weeks. They’re waiting for sales rather than buying goods at full price, and finding ways to cut down on spending in other ways as well.
