Target tumbles as tariff pressures, sluggish demand fuel forecast cuts

Shares of big-box retailer Target TGT.N down as much as 7.7% at $90.60 in early trading

Slashes annual forecasts on rising tariff uncertainty and demand slowdown

CEO Brian Cornell says pricing decisions will largely depend on ongoing efforts to source more products in the U.S. and reduce reliance on China

Expects single-digit decline in annual sales vs prior forecast of growth of around 1% and adjusted EPS between $7.00 and $9.00 per share vs $8.80 to $9.80 earlier

Q1 comparable sales decline 3.8% vs estimates of a 1.08% drop and adjusted EPS of $1.30 misses estimates of $1.61, data compiled by LSEG

CEO says reversal of some DEI policies played a role in Q1 performance, but he couldn't quantify the impact; TGT has been facing backlash for ending many of its DEI policies

Up to last close, stock down 27.4% YTD