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.
