Target reported on Wednesday that its profits plunged nearly 90 percent last quarter after it was forced to slash prices to clear unwanted inventories of clothing, home goods and electronics. In early June, Target warned that it was canceling orders from suppliers and aggressively cutting prices because of a pronounced spending shift by Americans as cut into discretionary spending. US retailers have cut their profit forecasts in recent weeks as consumers squeezed by higher prices of essentials such as food and gas curtailed spending on items like apparel and electronics.
Load More
Load More