During the critical holiday quarter, Target's sales and profits decreased as customers spent less, leading to a reported net income of $1.1 billion—better than expected but down from last year's $1.38 billion. Revenue also fell but exceeded expectations. The impact of tariffs initiated by the Trump administration has added to retail uncertainty, particularly affecting discretionary spending in stores like Target. The company projects flat sales for 2025 and lower earnings per share, reflecting ongoing challenges in the market and rising costs for consumers.
Sales and profits slipped for Target during the crucial holiday quarter as customers held back on spending and the company said there will be "meaningful pressure" on its profits to start the year because of tariffs and other costs.
President Donald Trump's long-threatened tariffs against Canada and Mexico went into effect Tuesday, pushing markets in Asia, Europe, and the U.S. lower, and set up costly retaliations by the United States' North American allies, not to mention China.
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