U.S. Target's sales dented by DEI boycott
NEW YORK, May 21 (Xinhua) -- U.S. retail company Target has said a laundry list of problems dragged down its quarterly sales, including a boycott by shoppers who disagreed with its decision this year to end some diversity programs.
"Target's sales have been tepid for years. In the three months ended May 3, they got even worse, with comparable sales falling 3.8 percent, a steeper drop than analysts expected," reported The Wall Street Journal.
The company on Wednesday lowered its financial forecast for the fiscal year, citing uncertainty around tariffs, the economy and consumer demand.
"We're not satisfied with these results," Target Chief Executive Brian Cornell said on a call with reporters.
Target's quarterly sales fell in part because of softer spending on discretionary items -- things that people want, but don't need -- and a broad decline in consumer confidence, Cornell said.
Target once was among the most outspoken corporate supporters of Black and LGBTQ rights. But in January the retailer ended its workforce and supplier diversity programs, after paring back its LGBTQ-themed merchandise in 2023.
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