The goal is to hire 100,000 seasonal workers, and forward discounts

The goal is to hire 100,000 seasonal workers, and forward discounts

Updated at 10:26AM EST

target company. (TGT) It said Thursday it will hire about 100,000 employees to support holiday sales efforts, adding that it plans to introduce early seasonal discounts as it continues to monitor inventory levels after an unwanted backlog earlier this year.

Target said its Target Deal Days event will begin on October 6, with its ‘Price Match Guarantee’ running through December 24, as it looks to capture a larger share of holiday spending likely to see shoppers seeking relief from the fastest local businesses. Inflation rates in four decades.

Target also said it plans to hire about 100,000 seasonal employees, with wages starting between $15 and $24 an hour, a plan that contrasts with just 40,000 planned seasonal additions at rival Walmart. (WMT) .

Deloitte’s holiday retail sales forecast, published earlier this month, suggests total holiday purchases will rise between 4% and 6% from last year to about $1.46 trillion, a marked slowdown from the 15% gain recorded over the same period. in 2021.

“The holidays are a treasured time when our guests gather with family and friends to celebrate the joy of the season, and we’re here to make it as easy as possible for them to enjoy,” said Christina Hennington, Target’s chief growth officer. “That’s why we’re launching deals sooner than ever and making sure our team is ready to help our guests shop when and how they want to.”

Throughout the season, guests will discover new and unique items for gifting and gathering, including owned brands only at Target and national must-have brands, and can expect great deals and low daily prices at every turn for an unparalleled holiday shopping experience. .” he added.

Target stocks were down 2.8% early Thursday to trading at $154.26 per share. Walmart slipped 0.5% to $134.08 each.

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Last month, Target posted much weaker-than-expected second-quarter earnings as heavy discounts were put in place to convert excess inventory taken into the big retailer’s net profit.

Earlier this summer, Target warned that a 35%-more-than-expected increase in overall inventories during the first quarter of the year would lead to price cuts, adding that deeper cuts were needed to shift excess merchandise to an already existing customer base. Undo discretionary spending.

“While this decision had a meaningful short-term impact on our financial results, we strongly believe it was the best way forward,” said CEO Brian Cornell. β€œThe extra inventory could have been an ongoing burden on our supply chain and store teams as they face the distraction of working around it day in and day out.”

β€œInstead of taking this course of action from the situation, our team has chosen a more aggressive path, significantly reducing the inventory we already hold and reducing receipts for the latter half of the year,” he told investors on August 17.

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