By Jordan Valinsky,
October 22, 2024
Introduction:
Read more here: https://www.cnn.com/2024/10/22/busines ... dex.htmlNew York CNN —
Target is slashing prices on more than 2,000 items, marking the second time this year that the retailer cut customer costs as it attempts to attract inflation-weary shoppers ahead of the holiday shopping season.
Some prices have dropped effective immediately on a number of items, including home goods, beauty products, food, beverages and toys. In a press release, Target said it “routinely adjusts its prices to remain competitive in markets across the country” and the discounting will continue through December.
Target’s price cuts have boosted customer spending after a string of dreadful quarters for the company. Discounts helped turn around Target’s fortunes: Sales at stores open at least one year increased 2% last quarter, and its profit boomed 36%, according to its most recent earnings report.
In May, Target announced it was going to slash prices on 5,000 items but ended up surpassing that number, cutting prices on 8,000 products. In total this year, the retailer will have discounted more than 10,000 items.
The new round of cuts affects name brands like Lego and Coffee Mate, as well as its house brands. Although prices vary depending on city, Target highlighted some examples with a Magic Bullet blender reduced to $39.99 from $49.99 and a Bluey fire truck toy dropping to $19.99 from $24.99.