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.READ MORE: Officers Rescue Injured Hawk 'Eddy' In San Francisco's Tenderloin District
However, Target did report last quarter that its online sales jumped 32 percent and its revenue beat Wall Street expectations.READ MORE: CHP: Police Activity Closes Westbound I-80 on Carquinez Bridge
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.MORE NEWS: Homeland Security Warns Russian-Ukraine Crisis Could Lead to Cyberattacks in U.S.
© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.