Target’s sales fall for first time in six years

Target saw its sales drop by five percent to $24.77 billion in Q2, its first quarterly decline in six years. Earnings of $835 million, or $1.80 per share, were up from $183 million ($0.39) a year ago.

Target CEO Brian Cornell said sales were impacted by rising interest rates, inflation, and the return of student loan repayments in the U.S. Revenue was further impacted in the latest quarter by the effects of a controversy around Target’s Pride Month range of LGBTQ-themed products, which caused some pushback by some customers. The company is forecasting mid-single digit comp growth for the full year.