00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Target said Wednesday it will lower prices on more than 3,000 products across apparel,
00:07home goods, and daily essentials ahead of the spring shopping season as consumers face rising
00:12costs. According to Reuters, the retailer said most price cuts will range from 5% to 20%
00:17and will begin in March. Items affected include baby essentials, beverages, and select food
00:23products. The move follows similar price reductions on thousands of items last year
00:27under CEO Michael Fiddlekey. Target is pursuing a turnaround while managing macroeconomic
00:33uncertainty affecting consumer companies. Fiddlekey previously told investors the company
00:38plans to spend more than $2 billion this year, including $1 billion for new stores and remodels
00:44and $1 billion to improve the guest experience. Target forecast annual sales and profit largely
00:50above estimates after beating holiday quarter profit targets. For all things money, visit
00:54Benzinga.com.
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