Target Sales Drop as Inflation-Weary Consumers Pull Back

Target Sales Drop as Inflation-Weary Consumers Pull Back
A cyclist rides by a Target store that is slated for closure in Oakland, Calif., on Sept. 29, 2023. Justin Sullivan/Getty Images
Tom Ozimek
Updated:
0:00

Target stock fell over 8 percent on Wednesday after the retailer posted quarterly results that showed sales declining for the fourth straight quarter as inflation-weary customers pulled back on spending, especially on non-essentials.

The discount retailer, often seen as a bellwether for U.S. consumer spending and the retail sector more broadly, reported on Wednesday a drop of 3.7 percent in comparable sales in the first quarter.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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