Target Down 3% After Announcing 'right-sizing' Actions

(RTTNews) - Shares of general merchandise retailer Target Corporation (TGT) are down more than 3% in the morning trade on Tuesday after the company announced a set of actions to right-size its inventory for the balance of the year.

The company said it is planning several actions in the second quarter, including additional markdowns, removing excess inventory and canceling orders.

"While these decisions will result in additional costs in the second quarter, we're confident this rapid response will pay off for our business and our shareholders over time, resulting in improved profitability in the second half of the year and beyond," said Brian Cornell, chairman and chief executive officer of Target Corporation.

TGT is at $153.77 currently. It has traded in the range of $145.51-$268.98 in the past 52 weeks.