Retail’s Wreck: Target CEO Brian Cornell 5/19/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 19 May 2022

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

The S&P 500 is on the brink of a bear market. Wednesday, the Dow fell more than 1,100 points, marking its worst sell-off in nearly two years. The S&P 500 also suffered its worst one-day decline since June 2020, and the Nasdaq Composite fell 4.7%. Those losses were driven in part by disappointing back-to-back quarterly reports from Target and Walmart that showed higher fuel costs and restrained consumer demand. Target CEO Brian Cornell reacts to the company’s first-quarter earnings report and breaks down how consumer spending has shifted as the economy moves beyond the Covid-19 pandemic. Plus, Jan Kniffen, JRK Worldwide CEO, and Aneesha Sherman, senior analyst covering apparel and specialty retail at Bernstein, react to a handful of retail earnings released this week. In this episode: Brian Cornell, @Target Jan Kniffen, @JRogersK Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick, @BeckyQuick Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi there, I'm C.N.C. producer Cameron Costa.
0:08.0	Today on Squack-Pod, a washout on Wall Street.
0:12.0	Coming off the worst trading day since 1987.
0:17.0	If you wonder what happened back in 1987, oh yeah, Black Monday.
0:21.0	A retail route and a NASDAQ plummet and the first of fall
0:25.8	Target CEO Brian Cornell on his company's rough quarter and retail's bumpy road ahead.
0:32.4	Great transportation, a change in and retail's bumpy road ahead.
0:33.0	Break transportation, a change in mix,
0:35.5	and then the increased complexity and supply chain
0:38.0	have added obviously pressure to our operating income.
0:41.0	The aftermath of that report and other retail reports with
0:44.9	big box watcher Jen Niffin. They all got it wrong and it's just because the cost
0:49.8	came so fast from so many different directions.
0:53.2	There was really no way to adjust the pricing policies.
0:56.6	How a COVID recovery prompted a miscalibration
1:00.2	with analyst Anish Sherman.
1:02.2	People are buying different things when they were a year ago,
1:05.0	and some of these retailers miscalibrated demand
1:08.0	and stocked up on a lot of the wrong stuff.
1:11.0	It's Thursday, May 19th, 2022 and Squack Pod begins right after this.
1:17.0	This is
	...

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