Target shares fell slightly in afternoon trading on Wednesday after the company announced that it has cut its profit forecast and a key sales outlook as the retail company saw fewer customers in its stores.
Target also acknowledged it didn’t push the second part of its “Expect More, Pay Less” slogan.
Q2 net income fell nearly 10 percent for the retailer while sales at stores open at least a year fell 1.1 percent.
Target’s shares fell $4.74, or 6 percent, to $70.74 in afternoon trading.
According to Chief Executive Brian Cornell, “Our No. 1 focus is driving traffic back to our stores and accelerating business to our site.”
“Our progress in apparel and home has been really significant,” said Cornell. “And we’ve got to make sure we never lose track of the other side of our brand promise and that’s the “Pay Less” side. And that’s all about those core household essentials that we have to make sure are presented effectively.”
Disclaimer: We have no position in Target Corporation (NYSE: TGT) and have not been compensated for this article.