Target cut its profit outlook for the second time in less than a month as the US retailer said it planned to cancel orders and further mark down prices to clear excess inventories in response to shifting consumer behaviour.
The Minneapolis-based group on Tuesday warned that it would offer deeper discounts after high inflation ate into consumer spending. That will cut the company’s second-quarter operating margin to about 2 per cent, it said, three weeks after telling Wall Street that margins would be “in a wide range” around the first-quarter level of 5.3 per cent.
In a statement, Target said it would embark on a programme of “additional markdowns, removing excess inventory and cancelling orders” from suppliers.
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