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.
It’s the latest retailer to say shoppers pulled back on items like clothing and home goods and shifted to groceries and necessities. Lower and middle-income consumers have been squeezed the most by rising prices. Here are the companies that have laid off employees this year — so far Alphabet Microsoft Vox Media BlackRock Goldman Sachs Coinbase McDonald's Amazon Salesforce Spotify Stitch Fix The online personalized subscription clothing retailer said it plans to lay off 20% of its salaried staff.
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