The retailer slashes its full-year outlook as price-conscious shoppers stick to essentials, do their discretionary spending elsewhere.
over shareholder losses in the wake of boycotts. The group, America First Legal, alleges that Target misled investors when it said it was monitoring risks related to its diversity, equity and inclusion policies. Since mid-May, Target’s stock price has fallen almost 20 percent.
Target, like most retailers, has felt the impact of shoppers changing their spending habits as inflation strains their wallets. Despite retail sales — excluding auto and gas — rising a solid 1 percent in July and, many consumers are still forgoing discretionary and impulse purchases — areas where Target tends to thrive. They’re also trading down, opting to shop at off-price retailers like TJ Maxx and Marshalls or hunt for value at Walmart and dollar stores.
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