Target to hire up to 100,000 holiday workers, offer deals earlier By Reuters
Stock Markets 26 minutes ago (Sep 22, 2022 11:51AM ET)
(C) Reuters. FILE PHOTO: A Target logo is seen on shopping carts at a Target store in Manhattan, New York City, U.S., November 22, 2021. REUTERS/Andrew Kelly
By Uday Sampath Kumar
(Reuters) -Target Corp said on Thursday it plans to hire up to 100,000 seasonal workers for the holiday season and start offering festive deals earlier than previous years as it gears up for the critical shopping period amid a slowing economy.
The big-box retailer had hired 100,000 workers for last year’s holiday season, which was marked by tight labor supply. It had hired about 130,000 seasonal workers in 2019 and in 2020.
Retailers, dealing with billions of dollars worth of unsold stock, have taken a more cautious view of this year’s holiday season as consumers facing decades-high inflation cut back on discretionary spending.
That has led analysts and companies to predict another early start to the holiday season as consumers likely feel a sense of urgency to find discounts.
Target (NYSE:TGT) said it would run its first set of holiday savings deals this year from Oct. 6 to Oct. 8. In 2021, it had begun festive deals on Oct. 10.
The retailer’s hiring plans dwarf those of rival Walmart (NYSE:WMT) Inc, which is looking at adding 40,000 workers in seasonal and full-time roles having already hired 150,000 for the previous holiday season in mostly full-time positions.
The difference in the hiring outlooks between the retailers was down to Walmart compensating for over-hiring last year, that led to excess staffing issues which dampened its earnings in the first quarter, said Jane Hali, CEO of investment research firm Jane Hali & Associates.
Another major player in the retail space, Amazon.com Inc (NASDAQ:AMZN) declined to comment on its seasonal hiring plans. In recent years, the company has usually announced seasonal hires in October.
Holiday retail sales are expected to rise between 4% and 6% year over year from November to January, compared to the 15.1% increase in the same period last year, according to Deloitte’s annual holiday retail forecast released on Sept. 13.
Profits of both Target and Walmart have already taken big hits this year as they were forced to ramp up discounts to clear excess inventory.
Target’s shares fell over 3% on Thursday.
Target to hire up to 100,000 holiday workers, offer deals earlier
By Oliver Hirt FRANKFURT (Reuters) -Credit Suisse is sounding out investors for fresh cash, two people familiar with the matter said, approaching them for the fourth time in…
By Sam Boughedda
Shares of Luminar Technologies (NASDAQ:LAZR) were downgraded to Market Perform, with the price target trimmed to $10 per share at Northland Capital Markets on…
By Sam Boughedda
A UBS analyst raised Eli Lilly’s (NYSE:LLY) rating to Buy from Neutral, with its price target raised to $363 per share from $335.
The analyst explained, in a…
(C) 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.