The retailer said Tuesday that home goods trends 'have changed rapidly since the beginning of the year.'
said yesterday it will reduce prices and cancel orders in order to reduce an excessive amount of inventory.
According to The Associated Press, “Sales of big TVs and small kitchen appliances that Americans loaded up on during the pandemic have faded, leaving Target with a bloated inventory that it said must be marked down to sell.” The retailer also plans to improve growth in its “upstream supply chain” by adding five distribution centers over the next two fiscal years.But, Target, like other retailers is facing another challenge with the cost of fuel and transportation. Target said it will take “pricing actions to address the impact of unusually high transportation and fuel costs.”
Since we reported our first quarter results, we have continued to monitor external conditions and have determined the necessary actions to remain nimble in the current environment.
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