Target said yesterday it will reduce prices and cancel orders in order to reduce an excessive amount of inventory. The retailer also plans to improve growth in its “upstream supply chain” by adding five distribution centers over the next two fiscal
Highlights
- Target announced it will reduce prices and cancel orders in order to reduce an excessive amount of inventory.
- 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.
- The retailer also plans to improve growth in its “upstream supply chain” by adding five distribution centers over the next two fiscal years.
- 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.