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Target Announces Lower Prices, Shares Fall

Target's announcement that it will lower prices on thousands of products may be good news for consumers, but shareholders aren't happy with the idea. Target's announcement that it will lower prices on thousands of products may be good news for consumers, but shareholders aren't happy with the idea. |  Photo: KSTP-TV file

September 08, 2017 05:39 PM

NEW YORK (AP) - Target says it is discounting thousands of products throughout its stores, sending its stock down and dragging most of the retail sector with it.

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Retailers in general have struggled to compete with Amazon.com and the countless shopping options available online.

However, Target did report last quarter that its online sales jumped 32 percent and its revenue beat Wall Street expectations.

The Minneapolis-based retailer is spending billions to remodel stores and strengthen its online business. It said Friday it will continue "to offer additional savings on the right products at the right times."

Shares in Target Corp. closed Friday down 2 percent. Shares in Sears fell more than 3 percent, while Wal-Mart, Dollar General and Costco all fell more than 1 percent after Target's announcement.


WDIO

Copyright 2017 The Associated Press. All rights reserved.

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