In August of 2020, just a few months into the pandemic, Target CEO Brian Cornell said his company had set a record - "Our second-quarter comparable sales growth of 24.3 percent is the strongest we have ever reported." Revenue hit $ 23 billion. Target says 2021 was also good as the company “delivered $106 billion in total revenue, having grown nearly $28 billion, or more than 35 percent over the past two years.

The retail company definitely cashed in during the pandemic but now with rising gas and grocery prices, consumer purchases have slowed. The Minnesota-based company's 2022 Q1 earnings were down 52% compared to the same period in 2021. As spending habits have changed, Target’s inventory has grown. Their warehouses are full and the company wants to move that inventory so they are slashing prices.

Do you know how much you spend each time you visit Target?

You know how it is – You go for laundry soap and you come out with 12 other items that you didn’t know you needed, right?!

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A recent report from Perfect Price says the average American will drop $62 each time they step inside the store.

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Minnesota-Based Target Is Having a Massive Sale To Move Excess Inventory

To deal with their bloated inventory, NBC News says, Target has canceled new orders from suppliers and is slashing prices. See some of the items that you'll be able to save on below.

"In aggressively clearing out unwanted goods, Target wants to make room for what is now in demand, including groceries and makeup products. But Target is also facing sharply higher costs for everything from labor to transportation and shipping, and it will offset price cuts where it can with higher prices for goods now in demand."

Target Reports 13 Percent Drop In First Quarter Profits
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Minnesota-Based Target Is Having a Massive Sale To Move Excess Inventory

You’ll notice markdowns on various items throughout the store, but especially on home goods and clothing. CBS News also says the price of “big-ticket items” like furniture and electronics will be slashed.

Target is also considering a drastic change to its return policy. They might pay people to keep items they've already bought. Read more about that here.

The Ultimate 2022 Summer-Fun Guide For Southeast Minnesota

You and the family are sure to be searching for plenty of fun events that will get you outside and enjoying the Minnesota summer sun!

Below you will find The Ultimate 2022 Summer-Fun Guide for Southeast Minnesota! All of the biggest events that our area has to offer. If we missed one, let us know on our app today!

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