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In the face of a predicted slowdown in retail sales growth this holiday season, Target Corp. (NYSE:TGT) has announced its intention to recruit approximately 100,000 seasonal employees.
What Happened: Target’s hiring strategy is consistent with its approach over the last three years. This decision is made as the retail sector prepares for the slowest holiday sales growth in 6 years, according to Deloitte data, Reuters reported on Monday.
The seasonal staff will be assigned to Target’s stores and supply chain facilities, with the majority being stationed in stores. This follows Bath & Body Works (NYSE:BBWI) announcement last week to hire 30,000 seasonal employees, mirroring its 2023 figures.
With inflation worries looming, consumers are likely to be more cautious during the crucial shopping season. Target aims to attract value-conscious shoppers by offering more affordable holiday items, including over half of holiday toys priced under $20 and thousands of stocking stuffers under $5. Earlier this year, Target reduced prices on over 5,000 popular items, leading to a raised full-year profit forecast after reporting positive quarterly comparable sales. The company also announced the commencement of its deals week program, Target Circle, from Oct. 6.
Why It Matters: Target has been on an upward trajectory since last November, rallying nearly 77% from its October low. The company’s strong second-quarter financial results and raised outlook have fueled analyst optimism. Target has increased its full-year 2024 adjusted EPS outlook to a range of $9.00 to $9.70, up from the previous range of $8.60 to $9.60.
CNBC's "Mad Money" host Jim Cramer declared that Target is back on track after a period of struggle, following an earnings report that surpassed market expectations. This positive outlook could play a crucial role in Target’s performance during the holiday season.
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Image via Wikimedia Commons/ Mjs92984
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
