Target Sales Plummet Amid Inflation, Pride Controversy

Benzinga

Target's sales are down this holiday season as high inflation leads customers to cut back on discretionary purchases. Target is shifting its focus to lower prices and essential products to attract more customers and regain market share amid a difficult retail environment. The retail giant faced controversy earlier this year when it scaled back its Pride collection and removed items after facing criticism and confrontations, leading to accusations of yielding to anti-LGBTQ pressure. Internally, the controversy caused turmoil among employees who questioned executives' decisions. Analysts predict a 5.3% drop in Target's comparable sales for the current quarter, with an expected net income of $685 million, a decrease from $712 million in the same quarter last year when Target was discounting excess inventory.

Transcript

00:00 It's Benzinga and here's what's on the block.

00:02 Target sales are down this holiday season as high inflation leads to customers to cut back on

00:07 discretionary purchases. Target is shifting its focus to lower prices and essential products to

00:12 attract more customers and regate market share amid a difficult retail environment. The retail

00:17 giant faced controversy earlier this year when it scaled back its pride collection and removed

00:21 items after facing criticism and confrontations leading to accusations of yielding to anti-LGBTQ

00:28 pressure. Internally, the controversy did cause some turmoil among employees who questioned the

00:33 executive's decisions. Analysts predict a 5.3% drop in Target's comparable sales for its current

00:39 quarter which is an expected net income of $685 million which is a decrease from the $712 million

00:46 in the same quarter last year when Target was discontinuing excess inventory. For all things

00:51 money visit Benzinga.com

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