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.

Target warned sales will slip as consumers, worried over the impact of tariffs, pull back on spending. Target also faces boycotts over its reversals of some DEI efforts.

Target slashed its annual sales forecast today, after a surprisingly sharp fall in quarterly same-store sales, as customers pulled back on discretionary purchases due to ongoing worries about inflation and the economy due to U.