A tale of two retailers: Target reports sluggish spending while Walmart has a stellar quarter

AP Retail Writer

NEW YORK (AP) — Target has reported sluggish sales and slumping profits in the fiscal third quarter as inflation-weary customers curtailed their spending on apparel and other non-essential items. The Minneapolis retailer fell short of Wall Street expectations for the quarter, and its profit and sales outlook for the final three months of the year also disappointed industry analysts. The company said Wednesday that costs related to a U.S. dockworkers’ strike in October also dragged on Target’s results at a time when Americans are spending more selectively. The weak period at Target stood in stark contrast to the stellar third quarter of low-price rival Walmart, which released optimistic projections for the holiday season.