SAN FRANCISCO (AP) — Target says it is discounting thousands of products throughout its stores, sending its stock down and dragging most of the retail sector with it.

Retailers in general have struggled to compete with Amazon.com and the countless shopping options available online.

However, Target did report last quarter that its online sales jumped 32 percent and its revenue beat Wall Street expectations.

The Minneapolis-based retailer is spending billions to remodel stores and strengthen its online business. It said Friday it will continue “to offer additional savings on the right products at the right times.”

Shares in Target Corp. closed Friday down 2 percent. Shares in Sears fell more than 3 percent, while Wal-Mart, Dollar General and Costco all fell more than 1 percent after Target’s announcement.

© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS San Francisco

Get The New CBS SF Bay Area Local App
Got Our Weather App?
LIVE: Monday through Friday from 3am – 3pm PST

Watch & Listen LIVE