New York (CNN Business) – Target just demonstrated how quickly things can change in the world of retail, posting a terrible quarter after nearly two years of soaring profits and record revenue growth. But the big box retailer is promising things will change in the other direction just as fast.
Target was widely seen as one of the winners of the pandemic, gaining new customers as shoppers not wanting to go into brick-and-mortar stores were drawn to its growing curbside pickup and home delivery.
But after a disappointing fiscal first quarter when profits fell 40%, Target just had an even worse second quarter. Profits plunged 90% compared to a year earlier. –read more–