Target Q2 sales fall on muted spending, Pride month backlash, and it cuts profit outlook for 2023
Target reported its first quarterly sales drop in six years, dragged down by shoppers' inflation worries and a negative reaction by some customers, widely publicized on social media, to its Pride merchandise.
Target removes some LGBTQ merchandise from stores ahead of June Pride month after threats to workers
Target is removing certain items from its stores and making other changes to its LGBTQ merchandise nationwide ahead of Pride month, after an intense backlash from some customers including violent confrontations with its workers.
Target recalls nearly 5 million Threshold candles after severe burns, lacerations reported
Target is recalling almost 5 million candles over laceration and burn hazards, according to a Thursday notice from the U.S. Consumer Product Safety Commission. The recall impacts Threshold-branded glass jar candles in multiple sizes and various scents. According to the CPSC, Target received 137 reports of the Threshold candlesโ jars breaking or cracking during use. Six injuries โ which included lacerations and severe burns โ were reported. Consumers with the recalled Threshold products should โshould immediately stop usingโ them, Thursdayโs notice said. The candles can be returned to any Target store or by mail for a full refund.
Target's 3Q profit drops 52% as shoppers force price cuts
An unexpected and potentially ominous pullback in customer spending ahead of the holiday shopping season pushed third quarter profits at Target down 52% after it was forced to slash prices for Americans who are feeling the squeeze of inflation.
Trade your old car seat at Target during trade-in event for app, online discount for baby gear
During the event, Target said that shoppers will have the chance to recycle an old, expired, or damaged car seat to get a coupon on the Target app or online for 20% off one car seat, stroller, or some baby gear.
Hereโs how you can trade an old car seat to get new one 20% off at Target
If youโre in a need of a new car seat or baby stroller, youโre in luck. Targetโs semi-annual Car Seat Trade-In program that allows customers to trade in their old seats for a 20% off coupon on a new car seat, booster seat, stroller or other select baby items will return to stores in April. From April 5 to April 17, customers can trade in their old car seats which will be recycled by Waste Management, Targetโs partner, and turned into an assortment of items such as pallets, plastic buckets and carpet padding. The Car Seat Trade-In programs have been held since April 2016, and Target officials say since then the company has recycled more than 1,100,000 car seats, or more than 17 million pounds of plastic and counting. Coupons can be used until May 1 in stores or online.
Jump in hiring fuels optimism for US economic recovery
That is down dramatically from 14.8% last April, just after the virus erupted in the United States. AdโThe recovery really has some legs, some momentum now,โ said Odeta Kushi, deputy chief economist at First American Financial Corp. AdAlso hiring last month were retailers, which added 41,000 jobs, health care companies, with 46,000, and manufacturers, with 21,000. But state and local governments have slashed 1.4 million jobs since the pandemic erupted, including 86,000 last month, and most have instituted hiring freezes. The Congressional Budget Office projects the nation will add a substantial 6.2 million jobs this year.
Target powers through a pandemic; 2020 sales growth explodes
FILE - In this April 6, 2020 file photo, a customer wearing a mask carries his purchases as he leaves a Target store during the coronavirus pandemic, in the Brooklyn borough of New York. The moves come as Target extended its sales streak through the holiday quarter and sales grew by more than $15 billion. Online sales soared 118%. In the previous quarter, same-store sales rose 10%, while online sales spiked 155%. Late last year, it signed a deal with beauty chain Ulta Beauty that will place Ulta shops in more than 100 Target stores by mid-2021.
US jobless claims at 730K, still high but fewest in 3 months
The Federal Reserve says theres evidence that hiring has picked up in recent weeks, though the job market remains badly damaged by the pandemic. Jobless claims declined by 111,000 from the previous week to a seasonally adjusted 730,000, the Labor Department said Thursday. Still, before the virus erupted in the United States last March, weekly applications for unemployment benefits had never topped 700,000. The latest figures coincide with a weakened job market that has made scant progress in the past three months. AdAll told, 19 million people were receiving unemployment aid as of Feb. 6, up from 18.3 million the previous week.
Federal Reserve sees modest pickup in hiring this month
The Federal Reserve says theres evidence that hiring has picked up in recent weeks, though the job market remains badly damaged by the pandemic. (AP Photo/Steven Senne, File)WASHINGTON โ The Federal Reserve says there's evidence that hiring has picked up in recent weeks, though the job market remains badly damaged by the pandemic. In its semi-annual monetary policy report released Friday, the Fed said it has been watching job data compiled by payroll processor ADP. AdThe report will form the basis for Federal Reserve Chair Jerome Powell's testimony next week before committees in the House and Senate. Hiring has stalled in the past three months, with job gains averaging just 90,000 a month from November through January.
US consumer prices up 0.3% in January, led by energy spike
U.S. consumer prices were unchanged in October, the lowest reading in five months and an indication that the price spike seen this summer is beginning to fade as coronavirus cases start to increase. (AP Photo/Rogelio V. Solis)WASHINGTON โ U.S. consumer prices rose 0.3% in January, led by a surge in energy. But even though the gain was the biggest monthly increase since July, inflation gains over the past year have remained modest. Core inflation, which excludes volatile food and energy costs, is also up 1.4% with core prices unchanged in January. โConsumer price inflation remains very tame,โ said Kathy Bostjancic, chief U.S. financial economist at Oxford Economics, predicting that the upcoming rise in year-over-year inflation figures should be transitory.
Roanoke womanโs pictures go viral as part of #TargetDressChallenge
ROANOKE, Va. โ The internet has had a field day with the pandemic as different quarantine videos and memes have gone viral for nearly a year. Now, a Roanoke woman is trending after snapping a few photos in a Target dress. Lesley Butterfield picked up a floral smock after seeing the hashtag on social media. Now, Butterfieldโs pictures have been shared thousands of times. โI really think people are hitting a pandemic wall right now and they just really appreciate the humor and it just keeps going on and on,โ said Butterfield.
36 CVS stores will be administering coronavirus vaccines to eligible Virginians
You may soon be able to get your COVID-19 vaccine at your local CVS Pharmacy. Starting Feb. 12, CVS will start administering vaccines to eligible people at 36 locations throughout the Commonwealth. CVS plans to administer up to 26,000 vaccine doses at 36 Virginia stores covering the following 33 areas within Virginia:AbingdonAlexandriaArlingtonBedfordBlacksburgCharlottesvilleChathamChesapeakeDanvilleDublinFairfaxFredericksburgGainesvilleHamptonHarrisonburgLeesburgLynchburgMartinsvilleMechanicsvilleMidlothianNewport NewsNorfolkPortsmouthRichmondRoanokeRocky MountStaffordSuffolkVirginia BeachWarringtonWilliamsburgWinchesterWoodstock[Where are Virginiaโs coronavirus cases? The health departmentโs interactive map]Now, starting Feb. 11, people can start making appointments either online, on the CVS Pharmacy App or by calling CVS customer service at 1-800-746-7287. Please do not call CVS before Feb. 9 and try to make an appointment.
Biden boosting vaccine allotments, financing for virus costs
Starting next week, 1 million doses will be distributed to some 6,500 pharmacies across the country, the White House said. The administration is also boosting by 500,000 the weekly allocation of vaccines sent directly to states and territories for the coming weeks, up to 10.5 million. It is allowing state and local governments to receive additional federal dollars to cover previously incurred expenses relating to the pandemic. The number of participating pharmacies and the allocation of vaccines are expected to accelerate as drug makers increase production. The Biden administration has sought to increase certainty to state governments on their upcoming allocations to streamline deliveries and prevent stockpiling of second doses for the two-dose regimens.
Target thanking its employees with $500+ coronavirus pandemic bonus
A major retailer is thanking its employees in a major way. Target announced Monday that itโs โgiving $500 bonuses to all hourly team members in stores, distribution centers and our headquarters and field-based offices.โNot only that, all store directors, executive team leaders and salaried distribution center leaders, 12,000 in total, will receive a bonus ranging from $1,000 to $2,000. These bonuses will be going to more than 375,000 employees, in what Target is calling an investment of more than $200 million.
Retail group: holiday sales up 8.3% amid big spending shift
The nations largest retail trade group says Friday, Jan. 15, 2021, that holiday sales soared 8.3%, far exceeding its forecast even as the coronavirus kept shoppers away from physical stores. (AP Photo/Rogelio V. Solis, File)NEW YORK โ The nationโs largest retail trade group said Friday that holiday sales soared 8.3%, far exceeding its forecast even as the coronavirus kept shoppers away from physical stores. The retail sales figures exclude sales from autos, restaurants and gas. The non-seasonably adjusted holiday figures, contrast with a downbeat report Friday from the Commerce Department that retail sales fell a seasonally adjusted 0.7% in December from the month before. However, the government reported a 3.7% retail sales gain in November and a 2.9% gain in December compared to the year-ago periods.
U.S. retail sales fell in December for 3rd straight month
(AP Photo/John Raoux)NEW YORK โ Retail sales fell for a third straight month as a surge in virus cases kept people away from stores during the critical holiday shopping season. The U.S. Commerce Department said retail sales fell a seasonally adjusted 0.7% in December from the month before. Department store chain Nordstrom, lingerie seller Victoriaโs Secret and clothing retailer Urban Outfitters all said sales fell during the holidays. The Commerce Department said shoppers cut back on spending at electronic and department stores. At clothing stores, sales rose 2.4% after dropping 16% for the year.
Target continues to thrive in whirlwind retail environment
Targets strong sales streak extended through the holiday season, as shoppers snapped up everything from clothing to home goods during the pandemic. The Minneapolis company reported Wednesday, Jan. 13, 2021, that its online sales surged 102% for the November and December period. The retailer reported Wednesday that online sales surged 102% between November and December. A fuller picture of the holiday season sales will come on Friday when the U.S. government releases its December retail sales figure. Tiffany & Co. last week reported a 2% gain in preliminary holiday sales, helped by strong sales in China and online.
Sephora to take over cosmetics in Kohl's stores
NEW YORK โ Sephora will be replacing all cosmetics areas at Kohl's with 2,500 square foot shops, starting with 200 locations in the fall of year. Earlier this month, Target said it would be opening Ulta Beauty shops in more than 100 stores next year. J.C. Penney said its developing its own cosmetics area to replace Sephora when that agreement ends. Rougeot said Sephora was attracted to Kohl's because of its network of 1,100 stores, mostly outside of malls. The Sephora shops, which will feature about 100 brands, will be at the front of Kohl's stores.
Coat drive for Roanoke students in need
ROANOKE, Va. โ Keeping kids warm this winter. Thatโs the goal of a local coat drive. For the fourth year, Humble Hustle is collecting new coats for Roanoke Valley schools. The organization got $670 dollars from the Junior League of Roanoke Valley to buy coats. Humble Hustle is collecting coats (new, with tags) until Friday, December 4.
Target gains steam heading into crucial holiday season
The Minneapolis company reported Wednesday that its online sales surged 155% in the three months that ended Oct. 31. It joined Walmart and Home Depot in reporting strong third quarter sales. Last week, Target announced a deal with nationโs largest beauty store chain, Ulta Beauty, that will place Ulta shops in more than 100 Target stores by mid-2021. During the latest quarter, drive-up sales increased more than fivefold, while order pickup continues to increase with more than a 50% increase. Target is pushing shoppers to start early this holiday season to avoid a crush of customers online and in stores during the pandemic.
Ulta to open beauty shops at 100 Target stores in 2021
FILE - In this Nov. 5, 2020 file photo, women walk to an Ulta Beauty store in Schaumburg, Ill. The nations largest beauty chain has a deal to place shops in more than 100 Target stores by mid-2021. Ulta Beauty and Target said Tuesday, Nov. 10 that the shops will be located next to Targets existing beauty sections. (AP Photo/Nam Y. Huh, File)NEW YORK โ The nation's largest beauty store chain, Ulta Beauty, has a deal to place shops in more than 100 Target stores by mid-2021. โMore than ever before, now is the time for innovation in retail,โ said Mary Dillon, CEO of Ulta Beauty.
Hereโs what stores will be closed on Thanksgiving
Looks like several big retailers across the country will be closed on Turkey Day. Many stores, including Walmart and Target, have announced they will close their doors on Thanksgiving this year. The company said in a press release that they plan on extending holiday sale prices for several weeks afterward. Meanwhile, Walmart wants to let its employees spend the holiday with their loved ones instead of working. Hereโs a list of some stores that will be closed on Thanksgiving this year:
Pandemic pushes start of holiday shopping earlier than ever
(AP Photo/David Zalubowski)NEW YORK โ Add last-minute holiday shopping to the list of time-honored traditions being upended by the coronavirus pandemic. Black Friday has long been the unofficial start to the U.S. holiday season, though retailers have been pushing holiday shopping earlier for the last decade or so. The first big holiday push will come from Amazon, which is positioning its mid-October Prime Day as a kickoff to the holiday shopping season. Even with the early start to the season, holiday sales are expected to deliver smaller gains than in recent years. Joel Bines, who runs the retail practice at AlixPartners, thinks the earlier shopping will stick even when the pandemic is over.
US layoffs remain elevated as incomes and spending weaken
Overall jobless aid has shrunk in recent weeks even as roughly 25 million people rely upon it. Total paid unemployment benefits plunged by more than half in August, according to the Commerce Department. Most of them are transitioning to an extended jobless aid program that provides benefits for an additional three months. Weekly applications for unemployment benefits are typically watched as a proxy for layoffs, although the data has become muddied in recent months. On Friday, the government will issue the jobs report for September, the final such report before Election Day, Nov. 3.
Twisted Sister to anti-maskers: Donโt use our protest song
Snider said the group doesn't have his โpermission or blessing to use my song for their moronic cause." Target was fined for not enforcing the county's mask law and citations were mailed to the protesters, the South Florida Sun Sentinel reported. Fort Lauderdale resident Chris Nelson told the newspaper that his group, ReOpen South Florida, organized the โflash mob." Danielle Schumann, a Target corporate spokeswoman, said Target requires shoppers to wear masks inside stores. Nelson told the Sun Sentinel he will continue to use the Twisted Sister song, despite Snider's criticism.
COVID-19 danger continues to drive joblessness in US
Until the pandemic upended the operations of American companies, from factories to family diners, weekly jobless aid applications had never exceeded 700,000 in the U.S. Theyโve topped 700,000 for 26 consecutive weeks. An extra $600 in weekly unemployment benefits ran out July 31, squeezing households that had depended on the beefed-up payments. President Donald Trump issued an executive order Aug. 8 providing a scaled-back version of the expanded jobless aid. Most states signed up for federal grants that let them increase weekly benefits by $300 or $400. The extra $600 in weekly jobless benefits didnโt replace all her lost income but helped.
August jobs report likely to point to a still-slow recovery
The government issues the jobs report Friday, Sept. 4, for August at a time of continuing layoffs and high unemployment. Economists have forecast that employers added 1.4 million jobs in August and that the unemployment rate fell from 10.2% to 9.8%, according to a survey by data provider FactSet. The Labor Department will issue the August jobs report at 8:30 a.m. Eastern time Friday. The economy still has roughly 13 million fewer jobs than it did when the coronavirus struck in March. The jobs report coincides with growing signs that more companies are making permanent job cuts rather than temporary furloughs.
Two Super Soakers recalled due to lead ink
ROANOKE, Va. โ Thereโs nothing like beating the summer heat with some water blasters, but you may want to check what kind you have first. On Wednesday, Hasbro announced a recall for two types of Super Soakers sold exclusively at Target due to lead contamination. The Super Soaker XP 20 and Super Soaker XP 30 both have a decorative sticker on the water tank that contains lead in the ink. Each sticker contains ink levels that exceed the federal lead content ban, according to Hasbro. The company asks that anyone who has either water blaster get rid of them and contact Hasbro for instructions on a refund.
Target sales surge as Americans lean on big box stores
NEW YORK Comparable store sales at Target soared 24.3% in the second quarter, more evidence that big box retailers have turned them into essential points of supply during the pandemic. Comparable sales which include sales at stores opened at least a year and online sales - set a record for the three-month period that ended Aug. 1. Online sales surged 195%, while sales at established stores rose 10.9%. Americans have relied on big box retailers like Walmart, Home Depot, as well as Amazon, since the start of the pandemic. That trend accelerated to 97% in the second quarter.
Best Buy to close on Thanksgiving
Best Buy is the latest store to announce that it will be closed for Thanksgiving this year. The company says to make up for the closure, it will be offering holiday deals earlier than it has in years past. Target, Dicks and Walmart have also announced that they will close on the holiday as well. To learn more about what Best Buy is doing this holiday season, click here.
Dickโs Sporting Goods joins growing list of retailers remaining closed on Thanksgiving
ROANOKE, Va. โ Although weโre just under four months away, retailers are beginning to announce they will not be open on Thanksgiving. Dickโs Sporting Goods announced Monday that it will close all its stores this Thanksgiving. โWe are so thankful to our teammates for their hard work and dedication,โ said Ed Stack, Chairman and CEO. We will continue to do all we can to support them and show our gratitude.โIn previous years, most stores were open with limited evening hours on Thanksgiving. Last week, Walmart said it would close its stores on Thanksgiving as well.
Target to close stores on Thanksgiving
(Copyright 2020 The Associated Press. Target is the latest big-box retailer to announce that it will be closing its stores on Thanksgiving. This comes after Walmart announced it would also close its locations on Thanksgiving. In a press release, the company assured shoppers that this would not impact special holiday deals, which will start in October this year. More than 20,000 products will also be available for Target pickup and delivery, including groceries.
Target joins Walmart in ending Thanksgiving store shopping
NEW YORK Target is joining Walmart in closing its stores on Thanksgiving Day, ending a decadelong tradition of jump-starting Black Friday door buster sales. Now, the virus has turned the holiday shopping model upside down. Historically, deal hunting and holiday shopping can mean crowded events, and this isnt a year for crowds, Minneapolis-based Target said in a corporate blog posted. Despite competition from Thanksgiving shopping, Black Friday ranks as either the top or No. Like Target, other retailers will also likely start holiday sales even earlier to stretch out crowds.
Target joins list of major retailers mandating masks
Target is now joining the list of the nationโs largest retailers that will require customers to wear masks as cases of COVID-19 spike. More than 80% of Targetโs 1,800 stores already require customers to wear masks due to local and state regulations. Target plans to hand out masks at entrances to those who need them. The nationโs largest retailer, Walmart, announced this week that masks would be mandatory in all stores starting Monday. Starbucks, Best Buy, Kohlโs and Kroger Co. also have put mandatory face shield rules in place.
List of national retail chains requiring masks is growing
NEW YORK Two major retailers on Thursday joined the growing list of national chains that will require customers to wear face masks regardless of where cities or states stand on the issue. Target's mandatory face mask policy will go into effect Aug. 1, and all CVS stores will begin requiring them on Monday. More than 80% of Targets 1,800 stores already require customers to wear masks due to local and state regulations. Starbucks, Best Buy, Kohls and Kroger Co. have also announced mandatory masks nationwide. To be clear, were not asking our store employees to play the role of enforcer, said Jon Roberts, the chief operating officer at CVS.
Target raising minimum wage, offering bonuses to employees
Target is raising its minimum starting wage to $15 per hour and will give all hourly employees a one-time bonus of $200. The raise applies to employees at stores and distribution centers, beginning July 5. The company said the bonuses are meant to recognize part-time and full-time employeesโ work during the pandemic. Target said the one-time bonuses will be paid out at the end of July.
Job losses continue, suburbs appealing to homebuyers
Following are developments Wednesday related to the national and global response, the work place and the spread of the virus. Target is also giving out one-time bonuses of $200 to reward workers on the front lines of the coronavirus. TRAVEL: Shares of cruise operators are falling Wednesday as Norwegian Cruise Line Holdings announced it's extending its suspension of global cruise voyages to include all trips embarking between Aug. 1 and Sept. 30. The extension applies to all three cruise brands, Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. Time on market increased by 25% in rural areas, 30% in suburban areas and 35% in urban areas year-over-year.