Target Corporation (TGT)
Target cuts prices on 5,000 popular products: Here's what's on discount
If you're looking to save money on groceries and other essential items (and who isn't?), Target might be your new best bet.
5 Things TGT Stock Investors Should Know as Target Lowers Prices
Target (NYSE: TGT ) stock is down about 2% today despite news that the retail giant will lower its prices on 5,000 products amid high inflation. Indeed, Target announced today it will cut prices on thousands of popular products as a means of bringing in more customers.
Target Is Cutting Prices On 5,000 Popular Items In Push To Drive Sales Amid Stubborn Inflation
Target plans to reduce prices on about 5,000 “frequently shopped items” heading into the summer, the big-box retailer announced Monday, as it looks to attract inflation-wary shoppers who are more conscious of their spending and boost demand for essential products in a push to turnaround last year's sales slowdown.
Target Cuts Prices on About 5,000 Items
Target Corp. (NYSE: TGT) has cut prices on about 5,000 items for reasons only known by company management.
Target reduces prices on 5,000 products as high inflation persists
Target is cutting prices on 5,000 popular products in an effort to attract more customers despite ongoing financial challenges, the company announced Monday. By reducing the prices on household essentials from groceries like milk, meat, bread, soda, fresh fruit, vegetables, yogurt and coffee to diapers, paper towels and pet food, consumers will collectively save consumers millions of dollars, Target said. Target said it has already cut prices on 1,500 items and that "thousands more price cuts" will take effect over the course of the summer. "Target routinely adjusts its prices to ensure it is competitive within the markets it does business," Target said. WALMART CFO SAYS 'MANY CONSUMER POCKETBOOKS' ARE BEING STRETCHED AS HIGH INFLATION PERSISTS It's the latest company to announce price cuts for its products in recent weeks to help consumers that are still being squeezed by inflation. Last week, Walmart executives told analysts on an earnings call that its rollback count is up. Rollbacks refer to temporary price reductions on goods. U.S. Walmart CEO John Furner specified that the company has nearly 7,000 rollbacks across the store. In April, the grocery rollback count was up 45% year over year. ALDI CUTTING PRICES ON HUNDREDS OF ITEMS TO FIGHT 'STUBBORN INFLATION' Earlier this month, discount grocer Aldi announced it was passing along $100 million in savings by slashing prices on more than 250 items through Labor Day. Inflation remains well above the Federal Reserve's 2% target and continues to create severe financial pressures for most U.S. households. In April, inflation climbed 3.4% from the same time last year, down from the 3.5% reading in March. While inflation has fallen considerably from a peak of 9.1%, progress has largely flatlined since the summer. The Census Bureau reported last week that retail sales in April were unchanged from March and up 3% from the prior year. GET FOX BUSINESS ON THE GO BY CLICKING HERE "The softer pace of spending is due in part to consumers being selective and prioritizing retail purchases," National Retail Federation chief economist Jack Kleinhenz said. Still, he noted that "consumers remain willing to spend, keeping the economy afloat despite fatigue from stubbornly high inflation for services and higher interest rates." FOX Business' Megan Henney contributed to this report.
What's Going On With Target Stock?
Target said it will lower everyday regular prices on approximately 5,000 frequently shopped products. The retailer noted that it already reduced prices on about 1,500 items and plans to cut prices across thousands of other products over the course of the summer. Price cuts will impact several everyday items like milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more. “We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,” said , executive vice president and chief food, essentials and beauty officer at Target. “Our teams work hard to deliver great value every day, and these new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop Target each week for their everyday needs.” The news comes as Target gears up to report earnings this week. Target is due to report its first-quarter financial results before the market opens on Wednesday. The retailer is expected to report earnings of $2.02 per share and revenue of $24.51 billion, according to estimates from Benzinga Pro. Last quarter, Target beat analyst estimates on the top and bottom lines, turning in earnings of $2.98 per share versus estimates of $2.41 per share and revenue of $31.92 billion versus estimates of $31.83 billion. Target guided for first-quarter adjusted earnings of $1.70 to $2.10 per share and said it expects comparable sales growth to be between 3% and 5%. “Looking ahead, we’ll continue to invest in the strengths and differentiators that have delivered strong financial performance over time. We’ll also roll out fresh innovations, including our new Target Circle membership program, as part of our roadmap for growth aimed at meeting consumers where they are, reigniting sales, traffic and market share gains, and positioning Target for profitable growth in 2024 and beyond,” CEO said in March. Target shares were down 1.36% at $157.96 at the time of publication, according to Benzinga Pro.
Target Cuts Prices on Essentials Like Milk as Consumer Caution Continues
Target is reducing prices on essentials like milk and produce amid continued consumer caution. The retailer plans to lower prices on roughly 5,000 “frequently shopped items,” including milk, meat, bread, produce, peanut butter, coffee, diapers, paper towels and pet food, according to a Monday (May 20) press release.
Target lowering prices on 5,000 items in bid to lure more shoppers
Target will be lowering prices on at least 5,000 frequently shopped products across its assortment ranging from milk to diapers, the big-box retailer said on Monday, as it looks to attract budget-stretched customers.
Target announces lower prices for 5,000 popular items heading into holiday weekend
Target Corp. announced lower prices on about 5,000 frequently shopped items on Monday, with plans to cut the the price of thousand more items over the course of the summer.
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