Target has a discount on select clearance merchandise for a limited time. Photo: Joe Raedle/Getty Images
Target is clearing out its excess inventory by offering a rare discount on clearance merchandise.
Why it matters: The retailer warned earlier this month that its overstock problem would eat into its profits this quarter, Axios' Hope King reported. As part of its plan to "right-size" its inventory, Target said it would take additional markdowns, remove excess inventory and cancel orders.
- Record high rates of inflation cooled consumer demand and prompted people to rethink their purchases.
- Target's last quarter was also tough with a 52% decline in net profits due to higher costs from labor, mistimed inventory, fuel and freight.
The big picture: Through June 25, shoppers can save an extra 20% on select clearance merchandise with an offer on its app through the Target Circle loyalty program.
- Axios spotted nine clearance offers on Target Circle including clothing for women, men and children, shoes, sleepwear, swimwear and accessories.
- The discount is available in stores and online but prices can vary by location. Many Target markdowns are between 30% and 70%.
- Target has also been cutting prices on patio furniture, kitchen equipment, and other home goods — the very items that for most of the last two years have been in shortest supply, Axios' Neil Irwin notes.
Target Deal Days return to compete with Prime Day
Target Deal Days are coming back for the fourth year and runs from July 11 to 13, overlapping with Amazon's Prime Day sale, Target announced this week.
- Target's sale is a day longer than Prime Day and features savings on "hundreds of thousands of items across all categories," the company said.
- There's also a new daily Target Deal of the Day online and the retailer's app.
Target military discount starts ahead of July 4
Meanwhile, Target is offering a military appreciation discount for active-duty military, veterans and military family members outside of its annual Veterans Day savings. National Guard and Reservists are also included.
Details: Verified military will get a 10% discount on up to two separate transactions, online or in-store, June 26 through July 4.
- To get the discount, sign in to Target Circle and confirm your military status with a document, such as a Veteran ID card. You can start the process now.
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