Target posts a stunning drop in profit. Stock plunges

[qmosqueen]

Oh

Target posts a stunning drop in profit. Stock plunges | CNN Business

Target’s earnings didn’t hit the mark. Far from it.

amp.cnn.com

Why did Target stock drop? Thank high gas prices, inflation

Target stock had its worst day since October 1987. This comes as the company reported a much weaker than expected quarter.

www.usatoday.com

 

[Planosss]

Damn, more payroll cuts..

 

[SweatyMess]

Certainly doesn't feel like record lows in anything

 

[qmosqueen]

Biggest one day drop in the stock market in 2 years.

 

[Anelmi]

And now all the payroll cuts make sense 😐

 

[Unleashed Dog]

All I see suffering is payroll. Cause they’re to blind to realize they need to invest in said payroll to dig themselves out of the excess inventory caused by the shipping delays.

 

[lucidtm]

Our store sure as hell isn't seeing a drop in profit. More a drop in payroll and morale, but we'll killing our sales goal every day. Too bad we don't have more hours to show for it lol

 

[KarmaToBurn]

We were doing good until about two weeks ago. Beating forecast by at least 50% every day, then Bam! we were only making 10% of payroll for a week. No idea about this week as I'm drunk on the beach enjoying my vacay... but yeah, if the product doesn't make it to the sales floor or backstock where fulfillment can find it then you aren't gonna make any money. But hey, what the hell do I know, I ain't got no fancy business degree

 

[redeye58]

Damn.
There go our hours 😡

 

[Stocker]

Thing is with inflation the rest of retail is not doing great either. If they really realize stores are struggling with excess freight because we are finally getting things we should have got 3 or 4 months ago, they should not cut hours that much hopefully.

 

[Rarejem]

Our store sure as hell isn't seeing a drop in profit. More a drop in payroll and morale, but we'll killing our sales goal every day. Too bad we don't have more hours to show for it lol

Do you check your sales? It doesn't feel like our store is, either, but the numbers on MPM are showing a drop.

 

[can't touch this]

My bad y’all, it’s kinda my fault cuz of low investor confidence following my departure. Only now am I learning the full extent of the ensuing chaos and how close I came to crashing the Bloomberg terminals the day I put in my two week notice…it was pandemonium on Wall Street, as investors received word that all truck freight would stay boxed and parked on the dock, forever. Oops.

 

[lucidtm]

Do you check your sales? It doesn't feel like our store is, either, but the numbers on MPM are showing a drop.

Yes, I'm a TL and I check them daily for our department as well as for the store. Most days we're almost doubling projection on OPU (for us its about 1200-2000 depending on the day) and we do about 1000-2000 SFS (also depending on the day). Needless to say, due to shitty payroll, the sales floor is helping us constantly because we don't have enough people staffed in Fulfillment to do SFS. Between us and the constant calls for backup from the front end (who get most of our stores hours, BTW) the sales floor TM's are hardly ever in their areas.

 

[BottomPerformer]

Making sales and making profit are 2 different things.

 

[StyleMaven1]

Making sales and making profit are 2 different things.

Soooo...they should really staff Style a bit better since almost all of our merchandise is owned brands and sit at a 60-72% profit or so

 

[Luck]

Trying to compare this year to last is shortsigted, what really matter is how Target is doing now compared to pre-covid, and I think we are still way above those metrics.
25% down from where we were yesterday but still above 3 years ago.

 

[seasonaldude]

Soooo...they should really staff Style a bit better since almost all of our merchandise is owned brands and sit at a 60-72% profit or so

They should staff everywhere much better. Style and Home & Seasonal are what rake in the big profit margins from owned brands. But, you have to have essentials and market, despite the low margins because that's what brings the shoppers through the doors.

 

[NKG]

You mean modernization isn't working? That's funny 🤣

Sorry if your hours get cut but Target tried to wear rose color glasses on the idea and now it shows

 

[RTCry]

The number one controllable expense is payroll. So…yeah.

 

[Planosss]

Thing is with inflation the rest of retail is not doing great either. If they really realize stores are struggling with excess freight because we are finally getting things we should have got 3 or 4 months ago, they should not cut hours that much hopefully.

We’re coming clean everyday and still missing sales by 20-40k each day 🤷🏻‍♂️

 

[Black Sheep 214]

Golden parachute season…

 

[Florida Dawg]

Oh
View attachment 13776

Target posts a stunning drop in profit. Stock plunges | CNN Business

Target’s earnings didn’t hit the mark. Far from it.

amp.cnn.com

Why did Target stock drop? Thank high gas prices, inflation

Target stock had its worst day since October 1987. This comes as the company reported a much weaker than expected quarter.

www.usatoday.com

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.

 

[Targetking]

All I see suffering is payroll. Cause they’re to blind to realize they need to invest in said payroll to dig themselves out of the excess inventory caused by the shipping delays.

exceptr theres stril a labor shortage.

 

[lucidtm]

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?

 

[Psyfire]

Trying to compare this year to last is shortsigted, what really matter is how Target is doing now compared to pre-covid, and I think we are still way above those metrics.
25% down from where we were yesterday but still above 3 years ago.

This is investors and big companies. Shortsighted is their bread and butter instead of looking at a bigger picture or long term plans.

You mean modernization isn't working? That's funny 🤣

Sorry if your hours get cut but Target tried to wear rose color glasses on the idea and now it shows

Modernization could work if they had the staff and training to do so, which the pandemic basically stopped. That's what I think anyways