Source: Fortune
Summary
Target plans to refocus on busy families and invest $1 billion in its supply chain, technology, and stores to win back customers. The company reported declining store and online traffic, but its earnings beat estimates. Target expects 2% growth in net sales for this fiscal year.
Our Reading
The announcement sounds familiar.
Target’s new CEO Michael Fiddelke is trying to turn the company around by focusing on baby care and groceries. The company will invest in its supply chain and staffing, despite cutting 1,800 corporate jobs in October. The retailer’s same-day deliveries grew more than 30%. Target’s earnings beat estimates, but revenue came in lower than expected. The company expects to get out of its slump soon.
Target is trying to hit a bullseye by being less of an “everything store”.
Author: Evan Null
