MINNEAPOLIS — Target Corp. will cut prices, cancel orders and take other steps to cut its bloated inventory, moves that will lower its profit in the current quarter more than executives thought just three weeks ago. “Over the past several weeks, we’ve continued to assess the broader retail environment and I think it’s no secret right now based on what’s been reported, the level of inventory across all retail is pretty high,” said Michael Fiddelke, Target’s chief financial officer, in an interview with the Star Tribune. Customers might see prices drop on TVs, outdoor furniture, and kitchen appliances as Target tries to push them out the door to make way for better-selling merchandise. The Minneapolis-based retailer revealed when it announced its latest quarterly results on May 18 that its inventory soared 43% in the February-through-April period. At the time, executives said they expected the company’s operating margin rate for the current second quarter to be around the same 5.3% it saw in the first quarter of the year.
Stories Related to Target Cuts Orders And Prices Due To Large Inventory
The Associated Press, Bangor Daily News
Tue, 06/07/2022 - 9:17am
Sections: u.s.
Topics: Maine Penobscot County Bangor
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