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While Vice President Kamala Harris has vowed to take on price gouging from retailers as part of her presidential campaign, it is not without criticism.
Target CEO Brian Cornell recently shared his take on price gouging in an interview with CNBC on Wednesday.
When asked if profits have been boosted by price gouging, Cornell responded: “I’ll put my retail hat on for a second. You two talk to industry leaders in every different sector. Is there a more competitive space than retail?”
We’re celebrating this morning, the fact that we delivered a margin rate of over 6%,” he continued. “You talk to other CEOs who are delivering up income of 20%, 30%, 40%, 50%. So we’re in a penny business.”
“We put the business dollars back into our business,” Cornell noted. “It’s helped us grow since 2017 our top line almost $40 billion, and I think it’s the way America should work.”
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