Target slashed its annual earnings forecast after its quarterly sales dropped for the first time in six years, a decline attributed to inflation, retail theft, and the consumer boycott over the retail giant’s transgender-themed Pride Month collection.
The Minneapolis-based chain reported Wednesday that sales at stores open for at least a year fell by 5.4% while online sales dropped by 10.5%, the chain’s first decrease since 2016.
CEO Brian Cornell acknowledged the hit from the backlash over the store’s Pride merchandise, pointing on Wednesday’s earnings call to “negative guest reaction to our Pride assortment,” according to CNBC. Target reacted by pulling the Abprallen products, while some stores moved the display from the front to the rear.
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