Target's Sales Plunge Amid Pride Controversy

Target sales declined in the most recent quarter, partly due to a backlash against its Pride Month collection and cautious consumer behavior. The retailer expects sales to drop further in the current quarter and has lowered its profit goals for the year. CEO Brian Cornell attributed the sales decline to multiple economic factors putting pressure on consumers and a backlash against Target's Pride collection in June. Target has faced criticism for its Pride collection, which led to aggressive reactions in some stores and boycott calls. Target's sales decline comes amidst weak demand and a shift in consumer spending away from pandemic-era favorites due to rising food prices and high inflation. In the most recent quarter, Target's sales of food and beverage items increased while apparel and home goods sales declined. Target plans to modify its approach to selling Pride and other "heritage month collections" in the future.