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    Target’s Stock Sinks on Weak Sales Ahead of Holiday Shopping Season

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    The retailer’s downbeat earnings report, which included lower profit and larger inventory, fell far short of Wall Street’s expectations.Target rattled Wall Street on Wednesday with a downbeat earnings report showing a sales decline, lower profit and an unwelcome buildup of unsold inventory. The company also cut its forecast for the full year, a bad omen ahead of the critical holiday shopping season.Target’s stock plunged more than 20 percent in early trading, putting it on track for its biggest daily decline in more than two years.Sales at Target stores fell 1.9 percent last quarter, from the same period last year, offset somewhat by a 10.8 percent rise in online sales. The company said it expected sales to be flat this quarter and cut its forecast for full-year profit, almost entirely reversing an increase announced just three months ago.Jim Lee, Target’s chief financial officer, told analysts on a call that it was “prudent to take this conservative approach” and that the company would take “swift and disciplined action to position ourselves to win during the holidays and in 2025.”Target had recently made improvements that drew shoppers to its stores, but the earnings setback suggests that there is more work to do. Brian Cornell, Target’s chief executive, said in a statement that the retailer was navigating through “a volatile operating environment.”The weaker-than-expected report covered the period of back-to-school shopping and Halloween, which can signal more challenges during the holiday season, a crucial final weeks of the year. Retailers look to those seasonal events as indicators of how shoppers might spend around Thanksgiving and Christmas. We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Target Tests an A.I. Tool to Help Its Workers Aid Shoppers

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      The retailer is rolling out a chatbot to help workers answer questions from shoppers — and workers.Target is the latest retailer to put generative artificial intelligence tools in the hands of its workers, with the goal of improving the in-store experience for employees and shoppers.On Thursday, the retailer said it had built a chatbot, called Store Companion, that would appear as an app on a store worker’s hand-held device. The chatbot can provide guidance on tasks like rebooting a cash register or enrolling a customer in the retailer’s loyalty program. The idea is to give workers “confidence to serve our guests,” Brett Craig, Target’s chief information officer, said in an interview.Target is testing the device in 400 stores and plans to make the app available to most workers across its nearly 2,000 locations by August.As the retail industry experiments with generative A.I., some see its potential to eventually make in-store shopping feel more like online shopping, said Roy Singh, the global head of Bain & Co’s advanced analytics practice who works with retailers on generative A.I. initiatives.Retailers have personalized online shopping for customers with things like predictive technology, which suggests items to buy. Shoppers also see e-commerce as more convenient than having to walk in a store and track down workers. The Target app is meant to help workers assist shoppers with their questions faster.Mr. Craig is often asked if these sorts of tools will replace workers, he said. “I believe the relationship between people and technology is so very important,” he said. “We’re here to make sure that they get the right tools to do their work.”Walmart recently expanded access to the A.I. tool it had started using in its corporate offices last summer for use in its retail stores, rolling it out to 13,000 managers of its Sam’s Club stores.While there is significant investment and hype around generative A.I., some retailers have also rolled back experiments with the technology that have failed.“We are still in that growth curve — learning, failing and relearning — and trying to get through adoption at scale,” said Duleep Rodrigo, who leads the U.S. consumer and retail sector for KPMG. More

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      Target Pulls Magnet Kit That Misidentified Three Black Leaders

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      In a widely viewed TikTok video, a high school history teacher highlighted the errors, which appeared in a “Civil Rights Magnetic Learning Activity.”Target has pulled from its stores an educational magnet collection that misidentified three Black leaders, after a high school history teacher called attention to the errors in a TikTok video.In the video, the teacher, Tierra Espy, said she bought the “Civil Rights Magnetic Learning Activity,” a tin case of 26 magnets and informational cards featuring illustrations of Black leaders and slogans from the civil rights movement, for Black History Month, which is celebrated in the United States in February.“I noticed some discrepancies, like, as soon as I opened this,” she said in the video, pointing out that a magnet labeled Carter G. Woodson, a scholar of African American history, actually pictured W.E.B. DuBois, the sociologist and author of “The Souls of Black Folk.”“Peep the ’stache,” she said, referring to a picture of DuBois on the internet with the same mustache as the figure in the magnet mislabeled as Woodson. “They got the name wrong.”She also pointed to a magnet that was mislabeled as DuBois. It actually pictured Booker T. Washington, the business leader and founding president of the college that became Tuskegee University. Similarly, a magnet labeled Washington actually depicted Woodson, she said.Ms. Espy said the accompanying cards also misidentified Woodson, DuBois and Washington.“I get it, mistakes happen, but this needs to be corrected ASAP,” Ms. Espy said in the video.In an interview on Saturday, Ms. Espy, 26, who teaches 11th-grade U.S. history at Cheyenne High School in North Las Vegas, said she bought the tin of magnets for her children, ages 4 and 6, as an educational tool for Black History Month.Ms. Espy said she was alarmed to discover the mistakes.“I was upset because I was like, how does this get to so many people, so many levels, and put into stores, and I caught it in 10 seconds?” she said. “Whoa, this is not OK.”Bendon Publishing, which produces books of stickers, dress-up dolls and other magnet kits, did not immediately respond to a request for comment, but on Saturday, the magnet kit was not listed among its titles on the company’s website and Amazon page.Target said in a statement that it would no longer sell the kit online or in its stores, and that it had “ensured the product’s publisher is aware of the errors.”Black scholars initiated a project to share and celebrate Black history in the early 20th century after Reconstruction.Black History Month began as Negro History and Literature Week, spearheaded by Dr. Woodson, known as the “father of Black history,” in 1924. It was officially recognized by President Gerald Ford in 1976. More