The company has had a brutal year, which has been reflected in the stock price, down $66.66 (42.58%) over the last twelve months, $89.90 last.
From Grocery Dive, November 12:
The price cuts come as food affordability remains a top concern for consumers, especially with the holiday season nearing.
Dive Insight:
- Target announced Tuesday it is lowering prices on 3,000 food, beverage and essential items in stores and online. This is the latest in a string of initiatives the retailer has rolled out to offer shoppers lower prices.
- The retailer also announced a $500,000 donation to Feeding America to support its hunger relief efforts amid increased demand at food banks.
- Target’s efforts come at a time when food insecurity and grocery affordability are top of mind for consumers as they get ready for the winter holiday season.
Lowering prices on thousands of items that shoppers frequently buy “will make a difference for families managing tight household budgets during the holidays,” Lisa Roath, executive vice president and chief merchandising officer of food, essentials and beauty at Target, said in the announcement. The press release noted it will not reduce prices in Alaska and Hawai’i.
The price cuts build on Target’s growing affordability efforts as the holiday season arrives. The retailer highlighted in the Tuesday announcement its lowest price ever for a Thanksgiving meal, which the retailer unveiled earlier this month. The meal feeds four for less than $5 per person and includes a Good & Gather turkey that costs 79 cents per pound....
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And from the company, November 11:
Target Announces Price Reductions on Food and Essentials and Nationwide Food Donation to Support Families this Holiday Season
