What To Know: Target said it will lower everyday regular prices on approximately 5,000 frequently shopped products. The retailer noted that it already reduced prices on about 1,500 items and plans to cut prices across thousands of other products over the course of the summer.

Price cuts will impact several everyday items like milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more. 

“We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,” said Rick Gomez, executive vice president and chief food, essentials and beauty officer at Target.

“Our teams work hard to deliver great value every day, and these new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop Target each week for their everyday needs.”

The news comes as Target gears up to report earnings this week. Target is due to report its first-quarter financial results before the market opens on Wednesday. The retailer is expected to report earnings of $2.02 per share and revenue of $24.51 billion, according to estimates from Benzinga Pro.

Last quarter, Target beat analyst estimates on the top and bottom lines, turning in earnings of $2.98 per share versus estimates of $2.41 per share and revenue of $31.92 billion versus estimates of $31.83 billion.

Target guided for first-quarter adjusted earnings of $1.70 to $2.10 per share and said it expects comparable sales growth to be between 3% and 5%.

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TGT Price Action: Target shares were down 1.36% at $157.96 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Target.