CNBC ProRetail stocks slide after Target, Walmart's dire results.
$Target (TGT.US)$ plunged the most since 1987's Black Monday crash after becoming the second big retailer in two days to trim its profit forecast.
Target reported May 18 that its profit tumbled 52% compared with the same period last year in an environment of rising costs for things like fuel, and also a lightening quick return by consumers to more normalized spending. Purchases of big TVs and appliances that Americans loaded up on during the pandemic have faded, leaving Target with a bloated inventory that must be marked down to sell.
$Amazon (AMZN.US)$ reported its first quarterly loss since 2015 last month, stalled by a slowdown in pandemic-induced online shopping, in addition to a huge write-down of its investment in an electric-vehicle startup.
At $Walmart (WMT.US)$ , higher labor and fuel costs as well as higher inventory levels dragged down the company’s profits. Walmart said customers spent on food and other basic consumer goods, shifting away from discretionary items that had previously added to its bottom line.
How well is consumer holding up against sky-high inflation?
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Hope the automatic investment plan could help you.
For more investment knowledge and trends, go to Learn on moomoo.
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steady Pom pipi : Now we want a half-price discount.![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
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Talklili : People forget Sears use to be a great store and at the time it would have been unthinkable they would go out of business. I think Target is going to drop hard through the fall.
Aurelian : fly Walmart fly like the Shaq shoes