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

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.)