Target Blames Port Strike For Q3 Miss, But Analysts Cast Doubt

Benzinga 2024-11-22

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Target reported its steepest earnings miss in two years, attributing it partly to higher costs incurred from preemptive actions to mitigate potential disruptions caused by October's brief U.S. port strikes. Cargo container trade data suggests Target's import strategy may have overestimated the strike's impact while amplifying existing inventory challenges. ImportGenius data reveals that Target's 2024 imports for the peak season remained flat compared to 2023, contradicting claims of a significant preemptive import surge. Analysts also highlighted that Walmart managed inventory more effectively amid similar supply chain challenges.

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