Target Profit Crumbles as Inflation-Weary Consumers Shun Discretionary Spending

Target Profit Crumbles as Inflation-Weary Consumers Shun Discretionary Spending
Shoppers exit a Target store during Black Friday sales in Brooklyn, New York, on Nov. 26, 2021. Brendan McDermid/Reuters
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Target Corp. reported a bigger-than-expected 90 percent fall in quarterly earnings on Wednesday and missed estimates for comparable sales as it struggled to lure inflation-hit shoppers with steep discounts on apparel, electronics, and home goods.

A host of U.S. retailers have issued profit warnings in recent weeks as consumers squeezed by higher prices for everything from toothpaste to gas curtailed spending on non-essential items.