Target reported that sales for the national retail chain have dropped in its latest quarter, a trend that has continued for the past four years, CNN reports.
Last month, the company said it would cut 1,000 corporate employees and not fill 800 open roles.
Earlier this year, Target cut some of its DEI initiatives and faced backlash from customers. Overall, shares have dropped about 35% this year.
Target CEO Brian Cornell stepped down in August after 11 years at the company, and internal candidate Michael Fiddelke will replace him next year. Fiddelke is Target’s current COO.
To stem waning sales, Target has dropped prices on about 3,000 items and food, and is spending about $5 billion next year to remodel its stores.
