CORRECT: Target To Cut Several Thousand Jobs The Next Two Years

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Target Corp. plans to cut several thousand jobs, mostly at its Minneapolis corporate headquarters, the next two years, spokeswoman Molly Snyder said. Target has a total employee base of 366,000, including about 13,000 in its headquarters. The plan comes as Chief Executive Brian Cornell said at its analyst meeting Tuesday that Target plans to cut $2 billion in costs the next two years. Target, meanwhile, is spending as much as $2.2 billion in capital spending this year. About $1 billion of the budget will go to online, technology and other supply chain investments. Store openings and remodels will become a smaller percentage of spending going forward with new store openings geared more toward formats like the smaller TargetExpress in urban markets. Chief Financial Officer John Mulligan forecast adjusted profit of $4.45 to $4.65 a share. That compared against the $4.45 average Wall Street estimate, according to FactSet. Mulligan also said Target plans to resume its share repurchase soon, with plans to buy back $2 billion in shares this year and $3 billion annually in 2016 and beyond. It also sees "modest" 1% annual comparable sales growth and annual online sales gains of 40% or more. (This replaces a previous report, in which the company provided an incorrect number of total employees.)

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