By Ciara Linnane
Shoppers can expect more bargains for July 4 and the back-to-school and back-to-college seasons
Target Corp. announced lower prices on about 5,000 frequently shopped items on Monday, with plans to cut the the price of thousand more items over the course of the summer.
The retailer is competing with its bigger competitor Walmart Inc. (WMT) on price at a time when Americans are struggling with inflationary pressures that has raised the price of food, housing and other essentials.
“We know consumers are feeling pressured to make the most of their budget, and Target (TGT) is here to help them save more,” said Rick Gomez, executive vice president and chief food, essentials and beauty officer, at Target.
The retailer has already cut the price of about 1,500 items heading into the Memorial Day holiday weekend and said shoppers can expect more bargains for July 4 and the back-to-school and back-to-college seasons.
Price reductions already in place include on Good & Gather Frozen Chicken Breast, Prime Hydration Ice Pop Sports Drinks, Johnsonville Cheddar Smoked Sausages and Good & Gather Shredded Cheese, the company said in a statement.
Shoppers who have joined the company’s Target Circle Card program can get an additional 5% discount and will be eligible for other deals.
The company’s Target Circle loyalty program offers deals at checkout, member-exclusive sales throughout the year and personalized deals.
Target is scheduled to report first-quarter earnings on Wednesday. The company is expected to report per-share earnings of $2.06 and revenue of $24.518 billion. That compares with EPS of $2.05 and revenue of $25.322 billion posted in the year-earlier period.
The stock was slightly higher premarket and has gained 12% in the year to date, while the S&P 500 SPX has gained 11%.