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.
So they had their CEO come on and complain that the reason “line go down” is “people no buy” so investors won’t think it’s management’s fault?
Yes. Either that or everyone involved from shareholders to board is dumb as a rock. Knowing rich people are not special, but just got lucky, I am not ruling out either option.