The CEO of Target, Brian Cornell, warned Wednesday about “mass potential costs” due to tariffs, saying that the company would increase prices as a “last resort.”
“The level of difficulty has been incredibly high given the rates we face and uncertainty about how these rates could evolve in different categories,” said Cornell. “We are focused on supporting US families and how they manage their budgets.”
The retail giant marked the last important company that warns of possible price increases promoted by the rate, after similar warnings of Walmart and Best Buy.
Target reported a fall in sales during its most recent quarter, failures of consumers consumers about tariffs, as well as a boycott of a reversal of their diversity, equity and inclusion policy.
People leave a Target store Black Friday in Brooklyn, New York, on November 29, 2024.
Brendan McDermid/Reuters
Sales decreased 2.8% during the first three months of 2025 compared to the same period last year, the company said. That performance did not reach what analysts expected.
In the first quarter, our team and our business faced an exceptionally challenging environment, “said Cornell.
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