The retailer's CEO attributed the results to weakness in discretionary spending, declining consumer confidence, uncertainty over tariffs, and shopper backlash against the company’s decision to halt diversity initiatives.

Target sales plunged in the first quarter amid concerns about Trump's tariffs, inflation and backlash to its pull back on DEI

Target sales tumbled more than expected in the first quarter as customers vented their anger over the retailer’s retreat from diversity initiatives and fears about the US economy mounted. Same-store sales dropped by 3.