Target (Minneapolis) announced its most recent quarterly earnings, which included a decline in profits of 43 percent. The company also adjusted its expectations for how business will fare throughout 2017, which were “far below what industry analysts had been expecting,” reports Chicago Tribune.
For the three-month quarter that ended Jan. 28, the company’s sales fell from $21.63 billion last year to $20.69 billion this year. It also saw same-store sales fall by 1.5 percent.
Accordingly, the company shared a variety of ways it plans to bolster business and recover from the disappointing performance by increasing sales by $10 billion over the next two years. Those plans include cutting prices, updating older stores and opening smaller stores in urban settings and near college campuses. It also plans to launch a dozen new brands.