Target reports 7% sales decline after rolling back DEI initiatives, facing community boycotts and advocacy group protests over diversity program cuts.

Target (TGT 2.20%) has seen its stock price tumble approximately 30% year to date, underperforming the broader market by a wide margin. Its disappointing financial results this ye

Sales at Target fell more than expected in the first quarter and the retailer warned they will slip this year as consumers, worried over the impact of tariffs, pull back on spending.

The retailer's CEO attributed the results to weakness in discretionary spending, declining consumer confidence, uncertainty over tariffs, and shopper backlash against the company’s decision to halt diversity initiatives.

Target shares sank 7% Wednesday morning after the retail giant lowered its full-year sales projection following mixed first-quarter results.

Minneapolis-based retailer put its chief operating officer, Michael Fiddelke, in charge of a new unit that will find ways to change faster and add efficiencies.

Target reported a sharp drop in comparable sales in its first-quarter and cut its outlook for the full year.