Target Says Shoppers Wait For ‘Deals’ A Day After Rival Walmart Credits Market Gains To Wealthy Households: TGT Edges Up Marginally In Thursday Premarket
Target Corporation (NYSE:TGT) and Walmart Inc. (NYSE:WMT) released their September quarter results just a day apart. Target’s management highlighted that its customers were most active during sales and promotional events, while Walmart’s leadership attributed 75% of its market share growth to households earning six-figure incomes.
Target’s executive vice president and chief commercial officer company Rick Gomez said that their consumers “know there are deals to be found, they’re willing to wait for sales and willing to search across multiple retailers.” While the latter’s chief executive officer, Doug McMillon attributed 75% of their market share gains to “households earning more than $100,000.”
Also read: Walmart Market Share Surges As Six-Figure Income Households Drive 75% Of Growth In Q3: ‘People Come To Us To Shop As A Primary Destination’
What Happened: Gomez highlighted that Target’s consumers were looking for promotions with an example. “Our Target Circle week this quarter was one of our biggest yet. However, we saw a more pronounced sales dip …
Full story available on Benzinga.com
