Target fell short of its quarterly sales expectations on Wednesday, cutting its full-year forecast. The company continues to have trouble convincing its shoppers to purchase more than the essentials. This comes after the company experienced intense backlash over its Pride-month gear for kids and "tucking" swimsuits for men.
The big-box store slashed its full-year sales and profit expectations, according to CNBC. Even with top economists throwing out concens over a recession and federal data suggesting that inflation is cooling down, Target offered a more pessimistic outlook for the remainder of the year.
The company predicts that there will be a mid single-digit decline in comparable sales for the full fiscal year and earnings per share to hover between $7 and $8. This runs counter to what is initially expected, which was a low single-digit decline to a low single-digit increase, putting earnings per share between $7.75 and $8.75.
BREAKING: I have obtained the internal email that @Target sent to their employees following the Pride month disaster that has caused them to lose $9B in one week, where is goes from standing with the "LGBTQIA+ community" to the anniversary of George Floyd lmfao. pic.twitter.com/GQVgrdmHDv
— Greg Price (@greg_price11) May 25, 2023
