Target cuts annual forecasts as tariff pressure mounts, demand slows further
(Reuters) -Target slashed its annual sales forecast on Wednesday after posting a sharp decline in quarterly same-store sales, attributing the declines to weakened consumer confidence and a pullback in discretionary spending due to U.S. President Donald Trump's aggressive approach to trade. The U.S. economy also contracted for the first time in three years in the first quarter, swamped by a flood of imports as businesses and retailers raced to avoid higher costs from tariffs. Target's forecast on Wednesday was in contrast to bigger rival Walmart, which maintained its annual forecasts last week but said it would need to pass on higher prices to customers due to tariffs.
Reuters
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41 minutes ago
