One phrase, or a variation, keeps turning up again and again with each round of retail sales reporting: “challenging economic environment.”
“Sales for the month of June continued to reflect a very challenging economic environment,” Target CEO Gregg Steinhafel said in a statement from the company today.
Target reports that comparable store sales for June were down 6.2 percent, compared with last year. Steinhafel assured investors, however, that the retailer is mitigating the impact of those losses by cutting costs and keeping margins up.
Even though sales are down, Target still rang up nearly $5.7 billion in sales during the five weeks ending July 4.