Target said yesterday it will reduce prices and cancel orders in order to reduce an excessive amount of inventory.
Retailers are finding that American pandemic-related spending habits are declining much faster than they had anticipated.
Last month, Target reported its fiscal first quarter profit fell by 52% as compared to the same period last year.
Target said it is planning for growth in areas such as groceries, household essentials and beauty products.
Target gave no details on how deep the discounts would be or when it would occur.
But, Target, like other retailers is facing another challenge with the cost of fuel and transportation.
Target said it will take “pricing actions to address the impact of unusually high transportation and fuel costs.”. »