Target is doubling down on its cautious outlook as it prepares for the holiday shopping season.

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.

  • EatATaco@lemm.eeEnglish
    12·
    1 year ago

    There’s a reason food bank use is still continuing to increase, because more and more people are struggling to even afford groceries.

    True, there is a reason for this. But that doesn’t mean anything that can explain it is the truth.

    And the claim that it is because wages are stagnant and prices are rising is not the explanation, because wages are now out pacing inflation, and it’s just starting to ramp up now, so it’s more complicated.