Target sales plunged in the first quarter amid concerns about Trump's tariffs, inflation and backlash to its pull back on DEI

The retailer's CEO attributed the results to weakness in discretionary spending, declining consumer confidence, uncertainty over tariffs, and shopper backlash against the company’s decision to halt diversity initiatives.

The retailer announced earlier this year it would phase out long-term diversity, equity and inclusion goals after a conservative-led backlash.