By Senad Karaahmetovic

The shares of Target Corporation (NYSE: ) is down more than 8% premarket following the retailer’s Q2 guidance being reduced for the second consecutive week.

Retailers now anticipate a Q2 operating margin around 2%. That’s down from 5.3%, which is the median of wide-ranging guidance given during recent. Bloomberg’s consensus is 6.55%.

Target anticipates an operating margin of around 6% for the second half. Target reiterates its full-year revenue growth forecast of 6% to 5% in the low-to mid-single digit range.

Company is working to reduce inventory spikes by increasing markdowns and removing excess inventory.

“Since reporting our first quarter results we have been monitoring external conditions closely and have taken the appropriate actions to stay agile in this current environment. We will continue to grow and deliver value for our customers through the additional measures we announce today. Although these changes will incur additional expenses in the quarter 2, we are confident that this quick response will yield improved profitability for both our company and shareholders in the long-term,” stated Brian Cornell, chief executive officer at Target.