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Target today missed expectations for Q1 earnings and revenue and cut its full-year sales forecast.
🎯 Zoom in: The retailer's comparable sales fell 3.8% in the first quarter. Over those three months, it saw fewer customers, and those shoppers spent less per visit.
The company pointed to factors like lower consumer confidence, uncertainty over potential tariffs and customer boycotts after rolling back DEI initiatives in January.
It lost market share in 20 of the 35 merchandise categories it tracks, CEO Brian Cornell noted on the company's earnings call.
Target announced leadership changes. The company said chief strategy and growth officer Christina Hennington will be leaving — notable, as CNBC reported she'd been widely considered a candidate to succeed Cornell as CEO.
And the company is putting COO Michael Fiddelke in charge of a new office intended to juice Target's growth.
📉 Market impact: Target shares closed down 5.2%. They're now down 31% for the year.
