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November 16, 2023
NEW YORK (AP) — Target on Wednesday reported a hefty third-quarter profit increase that handily beat Wall Street expectations as the retailer held down costs and cut inventory. Revenue slipped more than 4%, however, as customers saddled with broadly higher costs pulled back on spending as the holiday season nears.
The Minneapolis retailer has been trying to right itself after loading up with too much inventory last summer and was forced to discount heavily to clear it. Now, many customers are making tough decisions about what they can afford because prices for food and other basics have climbed. Inflation has moderated, but a bigger chunk of paychecks is needed to cover immediate needs.
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