The past few years of cost-of-living increases, which have forced many shoppers to focus on the basics, have shifted that narrative for Target.

Target's CEO said boycotts over the company's abandonment of some diversity measures contributed to a drop in quarterly earnings.

The mass retailer lowered its guidance for the full year, announced the departure of multiple executives and launched a new strategic office in an effort to combat sales declines.

The retailer’s sales fell short of expectations, and it slashed its full-year financial forecast, citing a “challenging” economy and backlash over its pullback from diversity policies.

The Minneapolis-based retailer now expects net sales to fall by a low single-digit percentage, abandoning earlier hopes for a modest increase.

Target slashed its annual sales forecast on Wednesday after posting a sharp decline in quarterly same-store sales, attributing the declines to weakened consumer confidence and a pullback in discretionary spending due to U.

Target Corporation (NYSE:TGT) traded lower in early trading on Wednesday after posting weaker-than-anticipated Q1 results and lowering its full-year guidance. The Minneapolis-based retail giant reported comparable sales decreased 3.

Target stock has tumbled this year amid fresh boycotts, tariff-related pressures. First-quarter earnings are due Wednesday.