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November 17, 2022

Target profit drops 52%

NEW YORK (AP) — An unexpected and potentially ominous pullback in customer spending ahead of the holiday shopping season pushed third quarter profits at Target down 52% after it was forced to slash prices for Americans who are feeling the squeeze of inflation.

CEO Brian Cornell says sales weakened significantly in the weeks leading up to Oct. 29, the end of the most recent quarter, with more customers refusing to pay full price and waiting for sales.

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