Target's first-quarter sales fell 2.8% to $23.85 billion, missing Wall Street expectations and prompting a lowered annual sales projection. The decline is attributed to reduced customer spending due to economic concerns and boycotts following the company's scaling back of diversity, equity, and inclusion initiatives and LGBTQ+-themed merchandise. Comparable store sales dropped 3.8%, and Target is implementing strategies to boost sales, including new low-priced items and a restructuring of its leadership. The retailer faces ongoing challenges from competition and the impact of tariffs.

Prepared by Christopher Adams and reviewed by editorial team.