Target is slashing prices on certain products, while hiking prices on others in an effort to align its inventory with changing consumer demands. This comes after Target saw a 52% drop in in year-over-year first quarter profit.
Pricing on non-essential items like home goods and decor items will be reduced, but Target plans to up purchases on everyday household items like cleaning and beauty products
The retail outlet announced it was making adjustments to pricing due to "unusually high" transportation and fuel costs. On Tuesday, a press release from Target CEO Brian Cornell, said "The additional steps we are announcing today will ensure that we deliver for our guests while driving further growth," he added. "While these decisions will result in additional costs in the second quarter, we're confident this rapid response will pay off for our business and our shareholders over time, resulting in improved profitability in the second half of the year and beyond."