Target takes an earnings hit as customers shop for deals
November 16, 2022
Target’s third quarter same-store sales increased 2.7 percent, better than the 2.51 percent gain expected by analysts, but its operating margin of 3.9 percent was well below the 5.35 percent that investors were looking for. Brian Cornell, Target CEO, said the chain saw “a significant change in consumer shopping patterns as we ended October and moved into the month of November. So clearly, it’s an environment where consumers have been stressed. We know they’re spending more dollars on food and beverage and household essentials. They’re looking for promotions and are looking for that great deal. And I would expect that promotional focus will continue throughout the holidays.”
Recent News
Google’s Antitrust Trial Teeters On
Google’s landmark antitrust case against the Justice Department has reached its final stage, sparking concern across Silicon Valley. Prosecutors argue that Google’s dominance in online search and search advertising markets is illegal, while Google maintains its superiority. The outcome, to be decided by US District Judge Amit Mehta, could have significant implications not only for Google but also for other tech giants like Apple, Amazon, and Meta.
Virgin Galactic’s Unity Spacecraft Nears Final Flight
Virgin Galactic has announced that its Unity spacecraft is set to embark on its last commercial journey, marking a significant milestone for the company. The Galactic 07 mission, scheduled for June 8, will be the 12th and final flight of the Unity spacecraft before Virgin Galactic shifts its focus to its new Delta-class spacecraft.
Apple’s Vision Pro Headset Dominates Enterprise Market
Apple’s Vision Pro headset, a mixed-reality spatial computing device, has found its way into the arsenals of more than half of the Fortune 100 companies, with over 50% investing in at least one unit. This revelation came during Apple’s first quarter 2024 earnings call, where CEO Tim Cook highlighted the enthusiastic reception of their products within the corporate sector.
Cinco de Mayo 2024: Food and Drink Specials
Cinco de Mayo isn’t just a celebration of Mexican-American culture; it’s also a day of fantastic deals and specials across the nation. This year’s festivities kick off with deals that last until May 5th. Here’s a list of some of the offers: