Tags: target | job | cuts | thousands

Target Job Cuts: Retailer to Ax Thousands to Free Up $2 Billion

Image: Target Job Cuts: Retailer to Ax Thousands to Free Up $2 Billion
(Frederic J. Brown/AFP/Getty Images, file)

By    |   Wednesday, 04 Mar 2015 08:44 AM

Looking to cut $2 billion in costs over two years, retailer Target said it plans to cut several thousand jobs as part of a restructuring.

The cost-cutting forms a key plank of a revival plan outlined by Chief Executive Officer Brian Cornell, who is seeking to narrow the retailer's focus to a handful of key product lines and bolstering its online business to rejuvenate sales, reported Reuters.

Speaking to a meeting of analysts in New York, Cornell said the restructuring was aimed at freeing up resources for investments in its focus areas. "Cutting complexity at headquarters will make us more competitive," he said.

Target also unveiled forecasts for the fiscal year to January 2016.

The company said it expected adjusted earnings per share, which excludes data breach costs and other expenses, of between $4.45 and $4.65 for the full year to January 2016, compared with last year's $4.27 and the market consensus for $4.51 according to Thomson Reuters I/B/E/S.

It projected comparable sales growth of 1.5 to 2.5 percent this fiscal year.

The company also said it had the capacity to buy back up to $2 billion worth of its own shares this fiscal year, and look to repurchase $3 billion annually from the following year and beyond.

© 2017 Newsmax. All rights reserved.

 
1Like our page
2Share
TheWire
Looking to cut $2 billion in costs over two years, retailer Target said it plans to cut several thousand jobs as part of a restructuring.
target, job, cuts, thousands
208
2015-44-04
Wednesday, 04 Mar 2015 08:44 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved