Wesfarmers Limited
(ASX:WES) owned department store Target is set to announce hundreds of job cuts, as well as an operational restructure, according to media reports.
The news comes just weeks after Wesfarmers chief executive Richard Goyder issued a profit warning for Target, saying he expected the department store's full-year earnings to be disappointing owing to weak second-half sales performance.
At the time, Mr Goyder said while the earnings will come in lower than expected, action has been taken to improve its future earnings and competitive position and maintain its strong brand in the market.
Several jobs in Target's marketing department were reportedly cut last week, with an additional 200 back-office jobs set to be axed soon.
Wesfarmers generated a net profit of $1.28 billion in the first half of the current financial year.
