Target reported an increase in third-quarter sales
but earnings fell by 52% as a result of having to lower the prices of
apparel and other items to attract Americans who were feeling the pinch of inflation.
The Minneapolis store expressed concern on its sales and
earnings during the crucial holiday shopping season as well as the fourth quarter.
Target also announced that it will be cutting costs with the
aim of saving $2 to $3 billion over the following three years.
Layoffs and hiring freezes will not be a part of such cost reductions.