Target reported third-quarter profits, crushing analyst sales, margin, and earnings projections after almost two years of operational failures, escalating retail theft, and cautious customer sentiments.

Target chairman and CEO Brian Cornell said “resilient” consumers have weathered student loan repayments and inflation.

However, the call and Target’s holiday quarter EPS guidance were cautious, with themes like uncertainty, caution, and budget management top of mind.

Consumers are still bringing up pressures like higher interest rates, increased credit card debt, and reduced savings rates, leaving them with less discretionary income, forcing them to make trade-offs.