|
|
|
|
|
|
|
|
|
|
Target to Cut Around 1,000 Jobs
|
|
|
|
|
|
Good morning, CFOs. Target plans to cut around 1,800 corporate roles; U.S. oil sanctions strike at Russia; plus, earnings season is in full swing, with the latest reports from Ford, Intel, Hasbro and more.
|
|
|
|
|
|
|
|
|
|
Target has reported 11 consecutive quarters of falling or weak comparable sales growth. ALLISON DINNER/EPA/SHUTTERSTOCK
|
|
|
|
|
|
Target plans to cut around 1,800 corporate roles as part of an effort to remake its strategy to reverse a period of stagnant sales.
Target announced Thursday it will lay off around 1,000 global corporate employees and cut 800 open roles, Sarah Nassauer writes. The move will cut around 8% of its approximately 22,000 corporate employees, with around 80% of the cuts in its U.S. ranks.
“The truth is, the complexity we’ve created over time has been holding us back,” Michael Fiddelke, Target’s incoming chief executive, said in a memo that will be sent to staff. “Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”
Meanwhile, Rivian too is carrying out another round of layoffs affecting around 4.5% of its workforce, Becky Peterson reports in an exclusive.
|
|
|
|
|
Content from our sponsor: Deloitte
|
|
|
From Lean to Resilient: Redefining Supply Chain Strategy
|
|
Outpace disruption in global supply networks with improved visibility, proactive technology investments, and pairing physical and digital decision-making. Read More
|
|
|
|
|
|
|
|
|
|
📆 Earnings
-
Booz Allen Hamilton Holding
-
General Dynamics
-
HCA Healthcare
-
Illinois Tool Works
-
Procter & Gamble
-
Sanofi
📈 Economic Indicators
The Bureau of Labor Statistics releases the consumer price index for September.
S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for October.
|
|
|
|
|
|
|
|
|
|
Ford’s Expedition SUV helped boost company sales in the third quarter. MICHAEL CLEVENGER/COURIER JOURNAL/USA TODAY NETWORK/ IMAGN IMAGES/REUTERS
|
|
|
|
|
|
Ford Motor beat Wall Street estimates as Americans spent more on its pickups and SUVs than expected in the third quarter. Now the company is now looking to benefit from tariff relief and make up for lost vehicle production stemming from a fire at a critical aluminum supplier.
Net income soared to $2.4 billion from $900 million, and shares in Ford rose more than 4% in after-hours trading.
Ford’s third-quarter revenue exceeded $50 billion, setting a record and topping the $43 billion that analysts expected. Sales in the U.S. rose 8% from the year earlier, helped in part by the best performance in 20 years of the full-size Expedition SUV.
A fire at a supplier’s aluminum plant will cost the company as much as $2 billion in earnings in the next quarter, prompting the automaker to cut its outlook for full-year income and cash flow.
To help fill the gap, Ford plans to boost output of gasoline-powered F-Series pickups by 50,000 trucks in 2026—and hire as many as 1,000 workers to support the effort.
|
|
|
|
|
📈 Earnings wrapup
📰 Other headlines
|
|
|
|
|
|
|
“We’re running out of resources. There is not an existing amount of money that could cover the air-traffic controllers’ salaries right now.”
|
|
—House Speaker Mike Johnson (R., La.) talking to reporters Thursday, while blaming Democrats for the continued government shutdown standoff. Republicans warned that air-traffic controllers will miss paychecks next week because of the government shutdown, citing a lack of resources.
|
|
|
|
|
|
|
|
|
Where senior finance leaders confront today’s expanding remit. Connect on capital, regulation, technology, and talent—and lead with clarity.
Request Information.
|
|
|
|
Explore The Wall Street Journal Webinar: From Headlines to Action
|
|
|
|
Join us Oct. 29 for a deep dive into the challenges that CFOs and other top executives are working to overcome, including the impact of tariffs and geopolitical conflicts on corporate finance and private equity. Register here.
|
|
|
|
|
|
|
Content From Our Sponsor: DELOITTE
|
|
CFO Signals Dashboard
|
|
Deloitte’s North American CFO Signals survey gauges CFO sentiment across a number of fronts, including the economy, capital markets, and the issues keeping them up at night. Access the dashboard here
|
|
|
|
|
|
|
|
|
The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy. Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew. You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
|
|
|
|
|
|
