(CNBC) — Target's chief executive, Brian Cornell, said Tuesday the retailer will cut several thousand jobs within the next two years as part of a $2 billion cost savings plan.
The company also announced 2015 guidance of $4.45 to $4.65 adjusted earnings per share. Wall Street expected Target's guidance at $4.50 adjusted earnings per share.
Target also expects digital sales to increase 40 percent and same-store sales 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.
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