Target’s Profits Plunge 90%

  • Target’s profit plunged as it slashed prices to clear out a glut of unwanted inventory.
  • The retailer maintained its outlook for the year, however.
  • “If we hadn’t dealt with our excess inventory head on, we could have avoided some short-term pain on the profit line, but that would have hampered our longer-term potential,” Target’s CFO said.
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