The discounter announced on Wednesday that sales fell more than expected in the first quarter, and the retailer warned they will slip for all of 2025 year as its customers, worried over the impact of tariffs and the economy, pull back on spending.

Target cut its annual sales projections Wednesday. The company now expects a low-single digit decline for 2025 after projecting a 1% increase for sales in March. It also forecast annual per-share earnings of $7 to $9, excluding gains from legal settlements this year.

Stocks tumbled Wednesday amid signs that tariffs are weighing on consumer spending and investor concerns about the U.S. fiscal outlook.

Several companies have pulled their full-year outlooks for 2025, with many citing market uncertainty exacerbated by Trump’s tariffs.

This comes amid US President Donald Trump's wide-ranging tariff policies, though the car company didn't cite the White House's import taxes, instead blaming market conditions. Sabaru's move comes days after Walmart warned of impending price increases and cited Trump's tariffs.

Home Depot won’t raise prices from President Donald Trump’s tariffs, breaking with Walmart and other retailers that said they will pass costs related to the trade war onto consumers.