Earnings of retail behemoths Target (TGT) and Walmart (WMT) both got bloodied this week, providing further evidence that the consumer is slowing in the U.S. economy. Target was down more than 25% at times on Tuesday after taking down guidance for the full year by 25%.
“Much like Walmart, it was a large miss on EPS and it was all on the margin line,” Retail analyst Jeremy McLean explains in the clip above. “You’re basically seeing half of the pandemic wins – if not more – going away in two months.”
Watch the clip above for more.
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