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Abstract:U.S. retail sales increased more than expected in October, but retailer Target reported a drop in profits of around 50% in its fiscal third quarter.
October U.S. retail sales beat the forecasts on Wednesday, supporting the idea of a strong economy. However, traders are paying more attention to a warning from Target that has sent the retailers stock about 15% lower during the pre-market session.
U.S. retail sales increased more than expected in October, boosted by purchases of motor vehicles and a range of other goods, suggesting that consumer spending could help to underpin the economy in the fourth quarter.
The Commerce Depart said on Wednesday that retail sales rose 1.3% last month. Data for September was unrevised to show sales unchanged. Economists polled by Reuters had forecast sales accelerating 1.0%, with estimates ranging from as low as a 0.1% drop to as high as a 2.0% jump. Retail sales are mostly goods and are not adjusted for inflation.
Ahead of the U.S. Retail Sales report and the stock market opening, retailer Target reported a drop in profits of around 50% in its fiscal third quarter as it cleared through unwanted inventory and sales slowed heading into the holidays, prompting the company to lower its expectations for retailers most important time of year.
The company also said Wednesday it plans to cut up to $3 billion in total costs over the next three years, citing the need to become more efficient after two years of dramatic sales gains. The retailers revenue has grown by about 40% during the COVID pandemic.
Target did not specify how it will reach its savings goal, but said it does not have plans for layoffs or a hiring freeze.
In other retail sales news, Lowe‘s reported third-quarter earnings on Wednesday that beat analysts’ expectations, with revenue up compared to the same period last year.
The home improvement retailer also updated its guidance, lowering the top end of its revenue outlook to approximately $97 to $98 billion for the full year. The previous top end was $99 billion. Lowes also cut guidance for comparable sales to be flat or down 1%, compared with earlier this year when it expected it to be down 1% to up 1%.
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