Wall Street

Target warns of more margin squeeze as excess inventory weighs

Published by
Reuters UK

By Aishwarya Venugopal and Uday Sampath Kumar (Reuters) -Target Corp on Tuesday cut its quarterly profit margin forecast issued just weeks earlier, and said it would have to offer deeper discounts to clear inventory as decades-high inflation takes a toll on demand. The surprise outlook revision sent shares of Target down nearly 7% in early trading and weighed on the retail sector and broader markets. The retailer said it would mark down prices in the second quarter, cancel orders with suppliers, strengthen parts of its supply chain and prioritize categories such as food and household essential…

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