Target takes a hit after heavy discounts to clear inventory

Executives are still “confident” about Target’s decision to slash prices earlier this year to clear out unwanted inventory.

MINNEAPOLIS — Target reported solid sales for the fiscal second quarter but its profit plunged nearly 90% after it was forced to slash prices to clear unwanted inventories of clothing, home goods and electronics.

In early June, Target warned that it was canceling orders from suppliers and aggressively cutting prices because of a pronounced spending shift by Americans.

Shares fell almost 4% before the opening bell Wednesday.

Retailers were blindsided by the lightening-fast switch from spending on goods for the home, like TVs and small

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