Target is canceling orders from suppliers and slashing prices to clear out a bloated inventory. The moves follow a pronounced shift by American consumers, away from pandemic spending on such things as big TVs and small kitchen appliances.
FILE - The bullseye logo on a sign outside a Target store is seen on Feb. 28, 2022. Target's first-quarter profit took a big hit from higher costs, despite strong sales growth. Target's results Wednesday, May 18, reflect the pressure on retailers' profits coming from surging inflation and persistent clogs in the supply chain.
The actions, announced Tuesday, come after a pronounced spending shift by Americans, from investments in their homes to money spent on experiences like travel and nights out for dinner and other pre-pandemic routines. Shoppers are also focusing more on non-discretionary items like groceries as inflation makes them more selective. That’s a change that arrived much faster than major retailers had anticipated.
Target declined to give a dollar amount of merchandise orders that are being canceled and depths of the discounts.
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