August 17, 2022 11:18am
Updated: August 17, 2022 11:28am
U.S. retailer Target this week revealed a brutal second quarter earnings report, one in which income plunged nearly 90 percent with the company in part blaming inventory restructuring issues for the drop.
The company said in a press release announcing the report that its earnings-pershare "decreased 89.2 percent" over Q2, with the report itself noting a decline in operating income of 87 percent.
Target CEO Brian Cornell said in the release that the company's "inventory rightsizing goals ... put significant pressure on our near-term profitability." The company in the summer announced a push to move a significant backlog of inventory using sales and markdown promotions.
Cornell nevertheless pronounced himself "pleased with the underlying performance of our business."
"Looking ahead, the team is energized and ready to serve our guests in the back half of the year," he said.