August 19, 2022
“The company’s profits fell nearly 90 percent after it was forced to cut prices due to massive overstock, KSAT-TV reported. Target reported $183 million in second-quarter net income after earning $1.82 billion over the same period last year.
This comes after the retailer’s first-quarter profits plummeted 52 percent over last year.
Still, revenue did rise in the second quarter, along with both in-store (up 1.3 percent) and online (up 9 percent) sales.”
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How they spin it - My commentary:
So here is the game the mainstream financial news will play in order to skew the truth, even when the data is right in everyone’s faces. It’s the same playbook every time.
They’ll report the earnings release, but highlight that “revenue and sales” were “up.” The idea being that while profits fell, it’s not because fewer people are shopping there, it’s because of “supply chain or increased labor costs etc.” The average headline reader will believe it, because well “sales are still up.” That must mean people are still purchasing more widgets from them, right?
Wrong
“Sales and revenue are measured in dollars. Sales and revenue are based on the PRICES of the items sold, which have all gone up 8-10%! So, of course “sales” are up. But if they were truly selling more VOLUME, more QUANTITIES, then the “dollars” collected, ie the revenue would be up way more than just 1.3%!
A 90% drop in profits Is unprecedented for a retailer this size. It’s because people are NOT SHOPPING THERE. And the ones who are, clearly buy less.
But the financial “experts” in the mainstream news will only tell you the half truths and manipulated numbers so you don’t see what is really happening.
Don’t fall for the lies. The “financial” news is just as corrupt as the rest of the media. They just mask it differently. Statistics don’t lie, unless they’re presented without the full context.
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