Target CEO explains what went wrong (and how he plans to fix it)
The company has a lot of excuses, but it's worth noting that Costco and Walmart face the same issues.
Target has seen its business decline steadily for more than a year. It's not a massive drop, but it's enough of a decline that CEO Brian Cornell addressed it at the top of the company's first-quarter earnings call.
"In the first quarter, our team and our business faced an exceptionally challenging environment that affected our performance with declines in both traffic and sales, most notably in our discretionary categories," he shared.
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And, while Cornell wasn't exactly making excuses, he did try to explain his chain's sales declines.
"For several years now, we've seen pressure in our discretionary businesses as spending adjusted down from elevated levels during the pandemic and then move[d] further away in the face of historically high inflation and needs-based categories," he added.
