Target profits nosedive after turbulent cuts

Photo by: Target
Photo by: Target

(Minneapolis, MN) -- Target officials say their profits took a nosedive this summer as they tried to get rid of an excessive amount of inventory.

The Minneapolis-based retailer announced today that its profit fell 90-percent in the May through July period.

During that same time, they cut prices and canceled orders to get rid of items that weren't selling.

Target executives said their effort to improve inventory harmed their profits for the quarter but they believe it was the best decision for the company.