NEW YORK (AP) — Twin Cities-based Target has reported a 43% drop in profits and a slight uptick in sales for the holiday quarter.
The discounter is still grappling with a slowdown in consumer spending and its own higher costs.
But Target's fiscal fourth-quarter results Tuesday beat industry analysts’ expectations.
The Minneapolis discounter still offered a cautious outlook for the year as inflation squeezes household budgets.
Shares dropped 5%.
Target’s tempered outlook follows Walmart’s and Home Depot’s tepid annual forecasts.
Inflation on everything from food to gas that has gripped Americans for nearly two years is weighing on shoppers even though there has been easing in recent months.
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