2 November 2023
Target CEO Brian Cornell reports that consumers are cutting back on spending across the board, including essentials like groceries. The retailer has seen a consistent decrease in sales of non-essential items for seven quarters straight, and now even the quantity of food items sold is dropping. Despite some economists backpedaling on recession predictions and signs of inflation slowing, Target is bracing for a tough holiday season, having already lowered its sales and profit forecasts earlier in the year.