Tuesday, February 28, 2017

Target to take hit to profit as it spends to close gap with rivals

FILE PHOTO -  A newly constructed Target store is shown in San Diego, California May 17, 2016.  REUTERS/Mike Blake/File PhotoTarget Corp gave a full-year profit forecast far below market expectations on Tuesday as the retailer plans to pour more money into improving its online platform and cutting prices to stay relevant amid fierce competition.

The company also forecast a surprise drop in full-year sales at stores open for at least 12 months and reported weaker-than-expected quarterly same-store sales.. . . more

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