Target's sales slump for first time in 6 years. Executives blame "strong reaction" to Pride merch.
CBSN
Target's quarterly sales declined for the first time in six years, with one company executive blaming the drop on the "strong reaction" to its Pride merchandise. Target faced a backlash against its LGBTQ+ merchandise earlier this year, with some conservative shoppers vowing to boycott the store.
The retailer's sales at stores open at the same time a year ago declined 5.4% in the second quarter, the company said on Wednesday. On a conference call to discuss the results, executives, including CEO Brian Cornell, primarily blamed wider economic issues for the drop, such as pinched consumers who are cutting back on spending amid higher inflation and the resumption of student loan payments this fall.
But some executives also pointed to the Pride backlash as an issue that ate into sales. "The headwinds were incremental, including the strong reaction to this year's Pride assortment," Chief Growth Officer Christina Hennington added on the call.
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