Yahoo! Finance: Target CEO on inflation, inventories: 'We are in an environment many of us haven't seen before'

Target (TGT) CEO Brian Cornell cited inflation and "historic highs with inventory levels" as he pulled back the curtain on his major decision to aggressively markdown inventory amid "an environment many of us haven't seen before" in remarks on Tuesday.

"I recognized after a few weeks of looking at our own stores, analyzing our business, looking at competition, and hearing from our team that we [had] to address this problem upfront," Cornell explained at an event held at The Economic Club of New York.

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