By Melissa Repko
Target CEO Brian Cornell says shoppers are pulling back, even on groceries, as they feel stressed about their budgets.
In an interview with CNBC’s Becky Quick that aired Thursday morning, he emphasized that the retailer has posted seven consecutive quarters of declining sales of discretionary items, such as apparel and toys, in terms of both dollars and units.
“But even in food and beverage categories, over the last few quarters, the units, the number of items they’re buying, has been declining,” he said in the interview.
With the comments, Target doubled down on a cautious outlook, as it gears up for the crucial holiday season. The retailer cut its full-year sales and profit expectations in August, despite a growing number of economists delaying or scrapping calls for a recession and government data showing that inflation is cooling.
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