Consumer
Target’s Struggles Are Only Getting Worse
- Discretionary-goods slump, LGBTQ imbroglio have hurt retailer
- Stock has nearly given away its big gains from pandemic
Target is expected to post its first decline in sales in four years when it reports second-quarter results on Wednesday.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
Target Corp.’s results have been deteriorating since last year, and the retailer is likely to add to investors’ concerns on Wednesday when it’s expected to report its first sales decline in four years.
Behind the malaise lurk inventory missteps and a consumer pullback from discretionary items such as home goods and clothes — the bread and butter of Target’s “cheap chic” merchandising. There was also a controversy in May over Target’s collection of LGBTQ-themed goods that sparked calls for a boycott.