Retail giant Target revealed on Tuesday that customer boycotts damaged its sales in the first quarter, following the company’s January decision to scale back several diversity, equity and inclusion (DEI) initiatives.
Sales fell 2.8% from last year to $23.85 billion, below the $24.23 billion Wall Street expected, with Target now expecting a low-single digit decline in annual sales for 2025, a significant downgrade from its March projection of a 1% increase.
According to the company’s earnings report, “Comparable sales decreased 3.8 percent in the first quarter, reflecting a comparable store sales decline of 5.7 percent and comparable digital sales growth of 4.7 percent.”
Target, previously a staunch supporter of leftist causes, announced in January it would phase out several DEI initiatives after criticism from conservative activists and the White House.
Despite the reversal, the…
