Shoppers are pulling back at Target, Home Depot and other major chains as they face pressure from higher prices and borrowing costs.
Target’s total sales ticked up 0.5% during its latest quarter from a year ago, the company said Wednesday. But digital sales fell, and the company said shoppers pulled back on discretionary purchases in what CEO Brian Cornell called a “very challenging environment” for consumers.
Target’s (TGT) sales at stores open for at least one year increased 0.7%, and the company said customers were spending more on food and essentials. Profit fell 5.8% in the quarter.CNN