Many discounts range from 5% to 20% off the actual discount and will begin rolling out to stores this month through spring.
However, the discount program does not include stores in Alaska and Hawaii.
Inflation remained above the Federal Reserve’s target of 2% in February as policymakers continued to weigh affordability concerns. The Bureau of Labor Statistics said Wednesday that the consumer price index (CPI) — a broad measure of the cost of goods and services, including gasoline, groceries and rent — rose 0.3% in February and was up 2.4% from a year earlier. The annual rate was unchanged from January, and the monthly gain was slightly higher than January’s increase of 0.2%.
Storch Advisors CEO Gerald Storch joins ‘Varney & Co.’ breaking tax uncertainty, Amazon’s rise to surpass Walmart and why the retail panic may be over.
The price cuts appear to be part of a wider strategy aimed at restoring sales growth. Target’s CEO, Michael Fiddelke, outlined the company’s plan to return to growth during a financial community meeting last week, citing investments in key areas such as women’s clothing, home and baby.
“This new chapter of growth at Target is defined by clear decisions and based on a deep understanding of our unique retail approach, the guests we serve and the areas where we are clearly positioned to win,” said Fiddelke.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Former JP Morgan Chase chief economist Anthony Chan downplays rising oil prices in ‘Varney & Co.’
“This work continues, and by putting style, design and value at the center of every decision,” he continued, “we are making big changes to lead with forward-thinking assortment, elevate guest experience, accelerate technology and equip our teams to deliver the most exciting retail experience, today and long-term.”
READ MORE ON FOX BUSINESS
Eric Revell of FOX Business contributed to this report.
