Target's chief executive said Tuesday the company will cut several thousand jobs within the next two years as part of a $2 billion cost savings plan

Brian Cornell, Target's chief executive, said Tuesday the company will cut several thousand jobs within the next two years as part of a $2 billion cost savings plan.

Target also announced its guidance for 2015 of $4.45 to $4.65 adjusted earnings per share. Wall Street expected the retailer guidance at $4.50 adjusted earnings per share.

The retailer also expects digital sales to grow 40 percent and comps growth between 1.5 percent and 2.5 percent, with modest improvement in gross margins and expense rates. It also expects sales to grow between 2 and 3 percent during the year.

The company's stock closed at $78.02, or 0.44 percent up. (Click here to see what the stock is doing now).

Regarding 2016, Target expects earnings per share to grow at a 10 percent yearly rate and a 5 to 10 percent dividend growth rate.

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