In the second quarter of 2021 Target earned $1.82 billion in profit. In the second quarter this year, target earned $183 million. That’s the result of inflation hitting the middle-class consumer.
Few people are buying electronics, home goods, durables or clothing. Any retailer that specializes in the sale of non-essential items is going to feel the financial results of working-class families reprioritizing their spending. Checkbook economics is the economics that matters.
Hopefully, CTH readers are well prepared for this phase of the Joe Biden economy. It will almost certainly get worse.
(Daily Mail) – 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 inflation cuts into spending on non-essential items.
US retailers have cut their profit forecasts in recent weeks as consumers squeezed by higher prices for essentials such as food and gas cut back on items like apparel and electronics.
[…] ‘Americans have had to trade down or delay purchases as inflation continues to squeeze household budgets,’ Morning Consult’s retail and e-commerce analyst Claire Tassin told DailyMail.com. (read more)
The cascading impact will flow through multiple sectors, including housing.
(Forbes) – Despite falling mortgage rates providing some relief to potential home buyers, mortgage applications fell to the lowest level since the turn of the century last week—providing fresh evidence that the housing market downturn may have room to run as some experts worry about how the collapse will damage the broader economy.
Mortgage applications fell 2.3% from one week earlier, according to the latest data from the Mortgage Bankers Association, pushing overall applications to the lowest level since 2000 even as rates on the popular 30-year fixed mortgage slipped to a two-month low of less than 5.5%. (read more)
Are any conservatives still shopping at Target? Why?
It’s also my pharmacy…
We haven’t been in or around target since May 2000, because they wouldn’t let our Vets set up with their poppies.
That’s abhorrent! Was a “reason” a.k.a. excuse given?
Haven’t been to one in 20 years after they wouldn’t let us do Toys For Tots in front because they didn’t support the Afghan war.
Their hatred for the kids has gone from denying toys to letting them get spied on in the bathrooms. No thanks.
We stopped almost 100% when the ran off Salvation Army kettles at Christmas.
They don’t let anyone set up. Not the Girl Scouts, Boy Scouts, local church, synagog, temple, or mosque or any others. It’s nice to be able to simply walk into the store without the demand. Make no mistake, people judge when you don’t “give.” All I want to do is shop.
Never bothered me to have these community groups in front of my store.
Shop for really cheap Chinese stuff ?
Good job supporting their woke transgenderism buddy.
Not since they started permitting men to use the ladies room.
A lot of us Minnesotans have been boycotting Target since the day it opened. This is a Dayton’s hand me down, as in Mark Dayton of DFL fame.
I’m a relatively new Minnesotan, haven’t shopped at Target since moving here. Are the bathrooms open to all or? Is that what the issue is?
If so that’s disgusting! Will never shop there again if so.
They opened them up to Men several years back- 5 or 6?
Didn’t want to hurt trans feelings.
>>> As if some sicko perv wouldn’t put on a dress and go in just because they could.
These people are stupid.
🤮 My God, what is wrong with people?!
Infuriating how the Left wants to normalize perverts, child predators, sexual predators, etc. Exposing our children to all sorts of abhorrent behavior instead of protecting them.
Another case of treating criminals as victims and vice-versa.
Sickening!
That’s their intent – destroy all American traditions, values and morays.
as in Mark Dayton of DFL fame
Dallas Fort Lauderdale ?
Duty Free Lingerie ?
Damn Fine Lipstick ?
Same!
Our Target has not changed their bathrooms. Never seen this happening
It’s just a Store Policy now, and most people know it. No need to advertise it by putting a sign on the door.
Target was the leader in the Obama tranny agenda.
Yes. My better half won’t go near the Super Wally World in our town due to the constant amount of “riff-raff” (I’m being tactful), panhandling, and otherwise shady characters in the parking lot frequently surveilling the shoppers. Whereas the Target store in our area is very clean, well-kept, and has few to none of the personal risk issues that exist too frequently at the Wally World. To shop elsewhere would entail 3/4 hour drives (each way) to towns we normally do not visit. No thanks.
She also visits a local “Dollar” type store, our local Home Depot, and a few other local small businesses that carry products we use regularly.
Each locale has its own unique set of circumstances that can influence a persons choices of where to shop. These days, politics has become a much lesser concern than distance, personal safety, a store’s general orderliness, and it’s cleanliness. YMMV.
I always carry a concealed firearm (legally) when I shop at Walmart.
In my state concealed carry was “may issue” and we in no way could qualify.
Crowded conditions at our Wally World present a very risky / bad liability situation should one be forced to defend themselves in such a manner. Not everyone is a dead-nut crack shot in a panic situation. Not to mention the obscene leftwing bias in courts these days regardless of the circumstances.
Paid off by Target are you?
Oh please! GB Bari has been on this site quite a while. Please think about what you’re saying before flinging around unfounded accusations.
TY. 😉
The El Paso Walmart shooting is the only Walmart in the state that posted the trespassing ordinance for licensed concealed carriers .. That’s why the shooter drove the 650 miles to do his deed..
Walmart Walk Around .?
Just do it the easy way.
Free curbside pickup at Walmart.
No Target shopping in about 10 years or so.
Good for you.
Avoid most big box stores. They all have their hands out for more money, and as stated above, too many shady characters hanging around the entrances and exits. I don’t even like going to a regular grocery store anymore.
So you’re perfectly content with their support of transgenderism. You know prescribing hormone blockers and sterilization of children through removal of their sexual organs. Heaven forbid you get inconvenienced supporting children welfare. This mentality allows the perverts to make uncontested inroads into our country.
Correct … I haven’t knowingly bought Tyson’s chicken since Clinton was elected … did it hurt Tyson – nope.
If target was my only store I’d likely have to shop there … but its not – so I don’t.
When RAT liberal crazies like target & their trannies go into a tailspin – it’s a good thing.
I wonder why the braindead Soros Prop’s 81million voters aren’t shopping target?
There’s one 5 minutes from me and I never go there. Won’t ever.
Since Target became the shopping destination for the Woke and the Trans movement, i refuse to spend one dime there. And they allow men in the ladies room and changing room. F them
It would be too scary to enter the building. Talk about a trigger!
The last time I was in my local Target, it looked like a gay pride reunion.
Haven’t stepped in a Target since they began financially supporting causes for perverts and reprobates! I let my dollars speak for me! Been waiting for their woke boolshyte to backfire. Good riddance!
Never shop there unless desperate.
I know several who work at Target. Don’t mistake corporate culture for the people who work there.
Whatever!!!
A choice between survival of individuals and families and standing on ones principles is especially hard if no other job is available.
Treepers are not the majority; so very many have been misinformed and brainwashed.
Consider showing some mercy, as Our Creator shows to us.
Quit Target when they opened the Womens Room to Men.
Been around long enough to know that that is asking for trouble.
And I pee – a lot!- so No. Way.
Not going into a store where I feel uncomfortable using the bathroom.
We quit Target when they quit Christmas.
I know right? The target in our town always has a full parking lot. I haven’t shopped in about 10 years.
I haven’t shopped a target since they allowed rapists and sex predators claiming to be trannies in to women’s bathrooms and dressing rooms.
Go Woke – Go Broke.
Today they are also having a 30% off sale at Target stores in the Los Angeles valley….
Wow. I have never heard of that -is it 30% off of your entire purchase?
So, I could buy a Target Store for 30% Off?!!!!
Hmmm…not enough for that location!
LOL!
I have been commenting here, telling you all what I see out in the marketplace on CC, since Memorial Day weekend.
I am not shocked by this, I predicted it also because Sundance shows me what to look for. Things are not good.
This is what I see with my own eyes, just this week. I see a huge influx of minorities, on top of the last 3 influxes, wandering the streets, filling bus stop huts, riding bikes in front of cars, stepping off sidewalks, when they feel like it. In the scarce stores in my town, I feel outnumbered, 2 to 1 during the day. Yesterday some woman was yakking on the phone, “He smoked up all His money”, over and over. Take it for what you will, but I can’t say I ever hear that while picking up a can of soup, in the soup aisle. I have no virgin ears but baggage, is baggage.
I am now walking around making no eye contact directly. I told Pa, they are not people from Roxbury, they are not native MA residents. I will let you know when I figure it out, but they are not the border crossers. University of Chicago took over Woods Hole during Obama and I am thinking they are from the South side of Chicago. Social engineering. Just a thought.
My taxes have doubled in 2 years and I expect to have to pay for the services needed for this invasion in our town. They are already crying, “racist”, over the lack of housing. Imagine the burden on all other services. I live in a tourist and retirement community. I sacrificed 33 years for nothing, if I am burdened, while others have more rights and live here for free.
F, sharing the misery, you commie astards. Haven’t we figured it out yet. They are going to confiscate our retirement savings come hell or high water.
George Carlin said it years ago , ” THEY are coming for your Social Security and Pensions , and they are going to get it all “.
I would enjoy nothing more than to absorb, all newcomers into the fabric of this town and community but this isn’t remotely what is going on. They come with some very stealth grievance counselors. Young minority, carpet baggers.
Screaming, “gimmee, gimmee, gimmee”.
ZERO RESPONSIBILITY, is expected. Are you kidding???
I truly wonder what goes on in the heads of the dimwit dems sometimes. What did they EXPECT was going to happen when they flung the borders open? That was all done because they were jealous of DJT. Now we all have to pay for their insipid jealousy. Just like a bunch of little kids on a playground, aren’t they?
Ma,
I am in the Hudson Vally and, two days ago out driving for an errand, I was careful not to hit a young dark skin male, no shirt, VERY long beard (maybe no shaving for awhile or other) zig=zaggiing, walking in the same direction on the right hand side. He was completely out of it…on some type of drugs. Never seen anyone in that shape before in the county.
I only mention his color because he looked to me as though he might a Somalian. Have never seen a Somali in this area ever. In NYC, many…and I knew some…but not here.
Went to Chico’s and Talbots just to find a specific accessory last Sunday. Not a soul in the parking lot except near one upscale restaurant.
You could tell the poor sales staff in both stores had not one customer that day.
I do not think we need to enact a general strike…it will just happen.
And if that does, IMHO, China should be the FIRST ONE to collapse. Don’t they make everything we buy?
People will go out for food, but little else.
I remember President Trump writing in one of his books that when you owe a lot of money to a bank, YOU ACTUALLY OWN THEM!
So, we can all assume correctly that, this is misery spread all over, by design.
The Chinese will hide it and deny it but we will know.
The worst is yet to come.
I have the notion that our government tanked our economy to immiserate China’s economy, that is, economic warfare between nations. China foolishly built an export only economy to acquire our technology to build these gadgets to sell us. Once China placed itself over the barrel willingly, our guys turned off the economy and China is collapsing. But, the Chinese government cannot admit that it is/was that stupid to put itself in such a vulnerable position, so they adopt a zero covid policy to hide the collapsing economy behind a diversionary reason.
I think our guys is stomping on China intentionally. DJT wanted no part of this and tried to bring the industries back to our country. He also wanted to help us, citizens of the US, by bring jobs back here. The Deep State have cruel designs for China and did not want DJT to unwind the plans.
Well, that is my half baked theory.
Seems to me the biggest loser in this situation is China.
Virtually everything Target sells is made there.
That includes Walmart.
Not Walmart. Most of their turnover is grocery. They are overstocked on soft goods because groceries and gas are expensive, and priority.
Our local Targets lockdown grocery a long time during covid 2020.
Target got punished in back to school sales. Too many credit cards at limit for buying gas.
I have been making this point for many months. And have you seen the news out of China? Widespread closures due to the energy crisis. That’s the latest in a long line of excuses. Don’t be surprised if what comes out of this “crisis” is an economy on a war footing. This is already the case in Fujian province … look for more to follow. Also, keep a sharp eye out for manipulation of the Yuan. For years I got 8.15 to the dollar, when every expat in Shanghai knew the rate should have been about 5.4. The Chinese have been playing this game at our expense for a long, long time. This is a big piece of the explanation for why the DC power brokers hate Trump.
They hate trump because he was successful. Also, they now know he’s got them on the ropes about the Mar-a-Lago RAID. They don’t wanna call it a raid but that’s exactly what it was, I don’t give a hoot what merrick garland wants to call it. What I’m not ready for is a bit-coin society. BUY GOLD AND SILVER INSTEAD. It will never go out of value. And, BTW, I’m sick sick sick of all this racist crap. It doesn’t seem to matter what color you are you’re a racist. Joe biden long ago lost whatever was left of his mind, but he was always a “taker”. And now his handlers are using him in front of a microphone to try to make sense of our world?? He’s useful to them but not to the rest of America. They actually intend to run him again in 2024 if he’s still alive and “propable”. More ruination on the horizon.
My wife, who is a long time bargain hunter, said the local Goodwill thrift is packed – never saw that before.
Our local Goodwill closed down over a year ago “because of covid”. It was a very large store & storage area in relatively new building that had only been built 10-15 years ago for their exclusive use. They claimed to be moving to a new location down the road but it’s been over a year and there are no signs of it being close to opening again. We don’t know what happened.
Odd, because the owner of the Goodwill industry is a shark. Not a good person, maybe a financial problem with the store?
Mine has a lot of empty shelves. Could be because as you said more people are shopping thrift stores, but also because people aren’t donating as much as they used to. Rather, they’re actually making do.
I want to downsize but keep thinking…should I keep items because I might need to barter?
Food and stuff to survive are all any American should be buying from now on.
Converting currency to small quantities of precious metals. Small withdrawals and cash purchases of longterm necessities and more precious metals
Lead, copper and brass are good examples of necessary, i.e. precious, metals. Much like gold and silver, they come in various sizes.
cvs sends a 40% off on regular marked item only good for a few days so get 1 package of 2 deotorants using 40% and extra 20% plus pennies and makes 8 oz cans for $7.20 we also go to dollar general to use their $5 off 25 with some items still $1 and same for walgreens coupons for next visit try to buy specials eg tp at walgreens still 10 for $6.00 we can do this better than they can
It is also another example of Go Woke Go Broke I try not to shop there anymore because once politics enters a retail store I am no longer interested in being their customer, from their Gay Pride Department to the sale of gender affirming underwear it was time to say enough is enough. I hope the woke clientele you Target are appeasing will carry you because Iam done lifting the heavy load Target and all other politically correct companies who think thats the way to gain loyalty…? Wrong You lost my loyalty and my hard earned dollars.
Dear Target:
It’s not too late to change your bathroom policy.
It is too late for us to ever buy from you.
I’d say more but I’d get banned from the CTH.
Go woke, Go broke.
Cut through the local Home Depot parking lot the other day in the early afternoon, headed to the grocer6store. Two years ago HD was hopping. The other day the lot had few cars in it. The lack of business was noticeable. This thing is only getting worse.
Can be deceiving. The contractors are in and out at my HD before 7:30, not to be seen again until the late afternoon at the earliest.
Sundays always had Home Depot’s garden department chock full of customers. A few Sundays ago my wife and I went to our local store and the garden department was empty except for a strange looking middle aged woman who was walking around carrying a cactus. Elections have consequences, stolen elections have dire consequences.
Times are so tough, people have to buy house plants that don’t affect their water bill.
Yup. I needed some packing boxes today, Devilbat, and stopped in Home Depot to get them.
Driving past the garden department, the racks of plants were full to overflowing and the racks were from the wall to the edge of the traffic lane. Usually, by this time of year it’s slim pickings and just a few racks of picked over plants.
Now they do start putting out mums and other plants for Fall about this time, but that wasn’t what was on the racks. I have no idea where they will find room for the Fall plants unless they run a big clearance sale.
–
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On topic… Target? I have no idea what goes on with them. The Mrs. and I have not darkened their doors since they announced their ██████ (censored) bathroom policy.
Not more than 15 people at the Home Depot today at my store. Garden department a ghost town, and fall mums drying out on the racks outside.
Also, walked into my local UPSCALE gourmet food/garden store. Busy, and Halloween items now stocked.
Just today between 4 and 5PM, when you might expect homeowners or contractors picking something up…no one in the store.
My purchase?
$3.75 for Allen set screws.
The day they let men in woman’s restrooms we have not ever graced their doors.
Are any Target CEOs sorry they voted for Biden? These corporations that embrace depravity of the left, are not doing themselves any favors. It’s good they had to slash prices. These corporation zombies are destroying their bottom line and still they blindly follow.
Those ceos will be looking for work soon.
August is back to school month, so traditionally sees upticks in clothing and supply purchases. Third quarter numbers YOY should be telling.
What a shame, now Target won’t be able to remodel the “woke” bathrooms and dressing rooms for the freaks. Looks like Target is not doing very well with their CEO and upper elite management “woke” target-ed customers. Virtue signaling is getting expensive also. Virtue inflation. 🤣🤣🤣🤣
Target is a last resort ever since they made them free fire zones for criminals, thus painting a target on all their customers.
Target votes for this let them eat it.
Probably shouldn’t have let pedophiles into the little girls’ restrooms and changing rooms…..
A while back Sundance wrote that the future would be as follows: The stores will all be holding major sales events to get rid of inventory followed by shortages and incredible price increases. Guess what? The stores are having big sales.
It’ll be interesting to see how Target does next quarter. The margin on food is normally much lower than the margin for clothes and housewares. They’re going to have to sell a lot of food to make up for the loss of sales in other departments.
At what price?
Target used to be owned by a French company. Are they still?
lol.. get woke, go broke..
In Australia, not Target, but Kmart:
(possibly also Target, but I don’t know)
During the pandemic, the government forced non essential shops to close, but decided Kmart was essential.
Then, when vaccination passports were required to go anywhere non essential, Kmart was no longer labelled essential for the unvaccinated.
These were state government rules, but I can’t remember which states did this, probably a few.
And these government determined essential shops would have made a fortune, as all their competition was shut down. So much evil.
You can’t spend currency you don’t have.
Equally, important.
You can’t consume something that wasn’t produced.
Yay Target.
Go woke . . .Go broke.
So who is propping up the stock market? As a small example, many US companies exited Russia, some even suffering $1B drop in revenue. Granted, revenue isn’t earnings, but who in their right mind would forego revenue voluntarily in a recession or even pre-recession? Severe arm twisting? Was there a threat that ‘they’ would tank their stocks if they didn’t exit, and that their stock price would be protected if they left? Who is protecting these companies in the US if they play ball?
Target’s stock price went down less than 3% today.What gives?
Cancelled my red card when I found out they were selling transgender clothing. The operator confirmed it when I called to cancel the card. Won’t ever shop there again. Maybe they’re suffering from the effects of their wokeness.
I liked the onesies with the rainbow. They were cute. I got a picture of the display at Target. I would post it for your enjoyment, but I dont know how to do an image post here
LULZ. Never Target!!!
Is that why my local target has been almost completely out of diapers for months? 2 kids in diapers and I’m unimpressed with the diaper shortages over there.
Was onsite at a global chemical co. (the largest by some measures) this week and my client was called into a flash meeting where they were told that based on recent forecasting, they now need to delay starting any new projects, curtail all capital spending across the board and there is now a hiring freeze until further notice. The products they make are way upstream of the consumer junk you and I buy directly but there’s a good chance they own at least one ingredient in just about any item you can find at Target. I think I’ll go freshen up my resume now…yikes 🙁
My concern is that people in my town have been very supportive of the food banks.
What is going to happen when the people who have been supporting the food banks can’t afford food for their families-and either they cannot afford to feed others, or have to limit what they can give.
At one place I periodically drop off canned food -usually from Dollar Tree-I would see food other people had left. I have seen nothing there for the last few weeks. It’s not an official food bank or anything…just a known place to pick up food if you need help,no questions asked.
No Target, Walmart or Amazon shopping here. I’m not boycotting but I’m not financing their satanic wokeness either.
Nobody that I know hasn’t shopped at targe”for at least 10 yrs!….. and for another 48 yes tooo come..
Yrs*
We bought a new freezer. Trying to find one in stock was a challenge. Backorder till mid Sept-October. Finally got one at Bestbuy. Last one they had until this week.
They are having good sales on them but are backlogged. HD was dead when we went to “return” the one that was to be delivered but is now on b/o.
People ARE buying freezers. I don’t have to wonder why.
On topic: Target is 1/2 mile from my house. Been there 2 times in 20 years. Never cared for them, still don’t.
I will say that whatever electronics, appliances or such items you feel that you will need within the next year or so, buy them now. Their availability will soon be an issue.
I rather prefer that target go completely out of business. And I would like to think that their choice to carry “gender neutral” “woke” children’s clothing played a huge part in this. I refuse to shop there.
I gave up on Target when they took the signs off the rest room doors.
Target : typical large discount chain where young families and many single moms shop . These are the average and lower income shoppers that the Biden policies hurt the most and Target sales numbers prove it !
Go woke, go broke for sure. We have made a point of not shopping at Target when other non-woke businesses offer similar products.
It will make a slight bounce upwards this month because school shopping…my prediction.