Target posts a stunning drop in profit. Stock plunges

[DBZ]

Hey team, there is a target circle on Target stock! Please promote this to every guest!

 

[Far from newbie]

shame. We COULD have sold more if it didn’t stay in boxes until it went salvage. SO MUCH salvage. We salvaged a whole pallet of Bullsye that never made it to the sales floor. And toys…..so many salvage toys……and bedding……another quickly filled pallet to go away straight from the truck to the back room To the salvage pallet. Lots of payroll wasted to unload, backstock, process salvage and expense to ship back, handle again. And STILL NEVER on the sales floor. WASTE from poor decisions.

 

[Anelmi]

Theres a store near me that had 100+ PALLETS of style needing to be worked. 100+ PALLETS!!!

 

[StyleMaven1]

Theres a store near me that had 100+ PALLETS of style needing to be worked. 100+ PALLETS!!!

That's insane!! We've been lucky enough that we're not there yet. Our trucks have been huge and we might roll one pallet into another day but within 2-3 shifts it's clear. BUT THE FLOOR. It's painful to me. My store is known for an excellent zone and it's so hard right now. It's not just the trucks, it's the damned fitting room. I have never seen us this busy before.

 

[SpilledTea]

Theres a store near me that had 100+ PALLETS of style needing to be worked. 100+ PALLETS!!!

Holy shit. I thought the 40 mine was sitting on was bad. We got it down to 5 by working overnights for a week and a half, though.

 

[dannyy315]

I can only speak for my store, but we are 3.69% below our goal for the year so far. And we killed sales last year, goal was $59.67 million and we did $65.45 million.

 

[Mikuhl]

BitCOiN iS toO VolAtiLE!

 

[KarmaToBurn]

Looks like I’m about to quit at a good time, More hours being cut it sounds like despite the workload and scheduling issue that has gone on for this company since March. Looking forward to putting in my 2 weeks notice next week.

You mean March of '21 right? If it's only been two months then damn yo lucky.....

 

[seasonaldude]

BitCOiN iS toO VolAtiLE!

What the fuck does Buttcoin have to do with this?

 

[Sisyphus]

Back to daily beatings about guest experience, full ad presentations, guest experience, add-ons, guest experience, single price point endcaps, guest experience, creating displays highlighting deals, guest experience etc.....

 

[Unleashed Dog]

exceptr theres stril a labor shortage.

Labor shortage isn’t an issue when you’re cutting hours of your already hired staff. On the contrary, you should be adding more hours is you’re worried about labor shortage.

 

[dannyy315]

What the fuck does Buttcoin have to do with this?

I don't know, but a couple years ago I started to develop a bitcoin habit. Glad I jumped off that ship. Im too impulsive when it comes to anything with risk. That's why I haven't gotten into sports gambling.

And anyway, the stock market isn't too volatile when you look at the all-time graph.

 

[dannyy315]

But anyway, I invest in the S&P 500 index fund. Maybe you'll get better short term gains with bitcoin. But an index fund is more certain for a long term return on your investment.

 

[VinceTomatoFour]

Is a crash like that normal for a company building and remodeling so many stores? They've burned a lot of money to do that, so is that part of the effect?

I wonder too since I see so many new stores popping up especially in AZ

 

[Florida Dawg]

You mean March of '21 right? If it's only been two months then damn yo lucky.....

No March ‘22 was when it really started, Yes every month or so we would have some cut hours but not every week or day there, Since March ‘22 it’s been every week for my store and many across the country.

 

[happygoth]

No March ‘22 was when it really started, Yes every month or so we would have some cut hours but not every week or day there, Since March ‘22 it’s been every week for my store and many across the country.

Yeah everyone expects January and February to be tight but things usually get a little better as Easter approaches. Not this year.

 

[balthrop]

Back to daily beatings about guest experience, full ad presentations, guest experience, add-ons, guest experience, single price point endcaps, guest experience, creating displays highlighting deals, guest experience etc.....

But where am I going to put all the expired meat that was just delivered? That and the 14 cases of one type of trail mix that showed up for reasons not known to man nor beast?

 

[dannyy315]

If anyone invests in stocks, I'd buy all the dollar store ones about now. They're going to be doing really well I think.

 

[qmosqueen]

Damn.
There go our hours

Yes my new schedule for the week starting may 29th 2 less hours each day. And that means 2 less hours of OT on Memorial Day. Damn I thought we would work 48 hours that week. Cheap bastards

 

[Black Sheep 214]

Target should have used that dividend money to increase hours, get through the backed up freight, get set up for Back-to School and try to get the company back on track, not pay out to the stockholders and then cut hours yet again to continue the downward spiral. Somebody up at corporate needs to google the definition of insanity…

 

[Florida Dawg]

Target should have used that dividend money to increase hours, get through the backed up freight, get set up for Back-to School and try to get the company back on track, not pay out to the stockholders and then cut hours yet again to continue the downward spiral. Somebody up at corporate needs to google the definition of insanity…

This company with corporate and management never ceases to disappoint lol. I doubt this company will ever get better again unless these morons are out of the job and unfortunately there’s too many of them.

 

[AmICrazy]

My poor 401k. Might want to move my money to something else, as I have not been with the company for a few months now.

 

[Targetking]

people will buy it aGAIN IF IT Drops enough.

 

[NKG]

Anyone know if Targets fearless leeader BC saying anything about this? Like everything is fine, still profitable stores

 

[NotCynicalYet]

Something I found interesting is that Walmart blamed some of its drop in profits on overstaffing. If that's true, Target's inventory struggles must be even crazier than they seem, and they obviously seem bad. Because Target has been controlling their payroll to say the least. Where other retailers are looking at our model of hiring more seasonals/part-timers, we don't have any room to shift that way. Even though our stock prices took similar beatings, it's obvious who the big dog is. Going to be interesting to see what strategy we come up with.