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March 7, 2018

Target's remake is accelerating, at a cost

AP Retail Writer

NEW YORK — Target is increasing the minimum hourly pay to $12 starting this spring, the second increase in a matter of months, while accelerating its reinvention plan to make the discounter more competitive in the age of Amazon.

The discounter's moves, announced at its annual investor meeting in Minneapolis, where the company is based, come as its ambitious plan to make itself over is driving more people to its stores and its website. But the cost of such a massive overhaul, along with its pay increases, squeezed its fourth-quarter profits, and it took some shine off overall strong quarterly sales. The company also offered a muted profit outlook.

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