Target Reports Sales Drop as Consumers Focus on ‘Needs-Based Categories'

Target reported a 3.8% decrease in comparable sales for the first quarter and said it expects to see a low single-digit decline in sales for fiscal 2025.“In the first quarter, our team and our business faced an exceptionally challenging environment that affected our performance with declines in both traffic and sales, most notably in our discretionary categories,” Target Chair and CEO Brian Cornell said Wednesday (May 21) during the retailer’s quarterly earnings call.Cornell attributed the drop in part to f ...