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Target CEO says shoppers are pulling back, even on groceries


Brian Cornell, Chairman and Chief Executive Officer of the Target Corporation.

Anjali Sundaram | CNBC

Target CEO Brian Cornell says shoppers are pulling back, even on groceries, as they feel stressed about their budgets.

In an interview with CNBC’s Becky Quick, he emphasized that the retailer has seen seven consecutive quarters of declining sales of discretionary items, such as apparel and toys, in terms of both dollars and units.

“But even in food and beverage categories, over the last few quarters, the units, the number of items they’re buying, has been declining,” he said in the interview.

Cornell’s full interview with CNBC will air later Thursday as part of CNBC Evolve.

This story is developing. Please check back for updates.



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