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Target’s third-quarter profit fell as the retailer struggles to lure shoppers who are pressured by hyperinflation.
minneapolis The company said Wednesday it expects its sales to continue to decline during the crucial holiday shopping season.
Investors have punished Target’s stock recently, dropping 43% over the past year. shares The rim was lowered before the starting bell.
Overcoming a 19% profit decline in the most recent quarter is the latest challenge for incoming CEO Michael Fidelke, a 20-year veteran of the company who is being promoted from chief operating officer early next year. The succession comes as the discount retailer tries to shake off persistent sales woes and revive its reputation as the place to go for affordable but stylish products.