Target is canceling orders from suppliers, particularly for home goods and clothing, and it’s slashing prices further to clear out amassed inventory ahead of the critical fall and holiday shopping seasons.
Target’s strong sales streak extended through a pandemic-shrouded holiday season after a hard push online and an increased effort to provide alternatives to customers who are trying to minimize risk.
Online sales at Target more than doubled as the pandemic put millions in lockdown during the first quarter, revealing further the critical role big box stores played in getting supplies to an immobilized population.
Best Buy Co. Inc. on Tuesday reported online sales growth that decelerated from the previous quarter, sending its shares down 5 percent in premarket trade.
