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Target (TGT) Rolls Out Extensive Price Cuts Across 5,000 Items

Target Corporation TGT has announced that it will lower everyday regular prices on approximately 5,000 frequently shopped items across its assortment. The retailer has reduced prices on about 1,500 items, with thousands more price cuts planned to take effect over the course of the summer. Consumers will enjoy savings on everyday items such as milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, and pet food.

These price reductions will collectively save consumers millions of dollars this summer. Target routinely adjusts its prices to ensure it is competitive within its markets. These new price reductions are on top of the retailer's everyday low prices.

Rick Gomez, executive vice president and chief food, essentials, and beauty officer at Target, commented on the initiative, stating that Target is focused on helping consumers maximize their budgets in response to current economic pressures. The aim is to offer significant savings on thousands of items, enhancing the overall shopping experience for millions of customers who visit Target weekly.

 

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

 

Preparation for Seasonal Demand

Consumers will find reduced prices on everyday items needed to run their households and maximize their budgets, especially as they stock up for Memorial Day, Fourth of July, and back-to-school and back-to-college season. Examples of price reductions already in place at many Target locations and online ahead of Memorial Day include Good & Gather Frozen Chicken Breast, Prime Hydration Ice Pop Sports Drinks, Johnsonville Cheddar Smoked Sausages, and Good & Gather Shredded Cheese.

These lower everyday prices are in addition to the separate Memorial Day discounts across the assortment to help consumers celebrate the holiday. Additional price reductions will be found across dozens of national brands consumers know and love, and popular Target-owned brands like Good & Gather and Everspring in key departments such as food and beverage, household essentials, and health and beauty products. New prices will be reflected in-store with easy-to-see red tags, as well as online at Target.com and the Target app.

Wider Discounts Across the Board

In markets such as Phoenix, Minneapolis, New Orleans to Baltimore, most stores and Target.com and the Target app will feature the following lower prices available now or coming this summer — Good & Gather Unsalted Butter (1 lb) now $3.79 (was $3.99), Good & Gather Organic Baby Spinach (5 oz) now $2.99 (was $3.29), Prime Hydration Sports Drinks (16.9 fl oz) now $1.99 (was $2.19), Jack's Frozen Pepperoni Pizza (14.3 oz) now $3.99 (was $4.19), Thomas' Plain Bagels (20 oz) at $3.79 (from $4.19), Pepperidge Farm Goldfish Cheddar Flavor Blasted Crackers (6.6 oz) at $2.79 (from $2.99), Good & Gather Sea Salt Roasted Nuts (9.5 oz) now $5.29 (was $6.89), Clorox Scented Wipes (75 ct) now $4.99 (was $5.79), Huggies Baby Wipes (16 ct) now $.99 (was $1.19), Aveeno SPF 50 Sunscreen (3 fl oz) now $13.19 (was $13.89), Persil Liquid Laundry Detergent (100 fl oz) now $12.99 (was $13.69), and Purina One Chicken & Gravy Cat Food (13 oz) now $1.99 (was $2.39).

Enhanced Shopping Experience With Target Circle

These price reductions deliver even more value on top of what Target already offers with its quality products at low everyday prices. Shoppers can also save an extra 5% if they pay with a Target Circle Card, get Target Circle deals and more. Recently, the retailer reintroduced Target Circle, its free-to-join membership program. It now applies deals automatically at checkout, features member-exclusive sales throughout the year like Target Circle Week, and includes Target Circle Bonuses, which are personalized deals to help members add extra savings or earn rewards.

Across its assortment, Target ensures consumers find compelling prices, no matter their budget. For example, its owned brand portfolio includes new low-priced basics brand dealworthy, with prices starting at less than $1 and most items under $10, and Target recently relaunched and expanded its everyday essentials brand up&up, which includes more than 2,000 items, most under $15.

This Zacks Rank #3 (Hold) company’s shares have risen 4.1% compared with the industry’s 3.5% growth over the past three months.

Key Picks

Some better-ranked stocks are The Gap, Inc. GPS, Casey's General Stores, Inc. CASY and Abercrombie & Fitch Co. ANF.

The Gap is a premier international specialty retailer offering a diverse range of clothing, accessories and personal care products. It has a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for GPS’s current fiscal-year earnings and sales indicates declines of 0.3% and 4.2%, respectively, from the year-ago reported figures. GPS has a trailing four-quarter average earnings surprise of 180.9%.

Casey's offers a comprehensive range of products and services to meet the needs of its customers. It currently has a Zacks Rank #2 (Buy).

The Zacks Consensus Estimate for Casey's current financial-year earnings indicates growth of 10.4% from the year-earlier reported levels. CASY has a trailing four-quarter average earnings surprise of 12%.

Abercrombie is a specialty retailer of premium, high-quality casual apparel. It currently has a Zacks Rank of 2. ANF has a trailing four-quarter average earnings surprise of 715.6%.

The Zacks Consensus Estimate for Abercrombie’s current fiscal-year earnings and sales indicates growth of 20.9% and 5.9%, respectively, from the prior-year actuals.

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