Target cuts annual sales forecasts

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 US President Donald Trump's aggressive approach to trade.

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Shares of the company were last down 2 per cent in volatile premarket trading.

The big-box retailer’s results showcase the pressure that American consumers are under. In May, consumer sentiment slumped further while one-year inflation expectations surged as households remained concerned about the economy.