Shoppers are pulling back at Target.
Target's total sales ticked up 0.5% during its latest quarter from a year ago, the company said Wednesday. But digital sales fell, and the company said shoppers had pulled back on discretionary purchases.
Target's sales at stores open for at least one year increased 0.7%, and the company said customers were spending more on food and essentials. Profit fell 5.8% in the quarter.
The company also warned that losses, driven by shoplifting and organized retail crime, will reduce its profitability by more than $500 million this year compared with a year ago.
Target's stock rose slightly during pre-market trading Wednesday.
