Updates
** Shares of big-box retailer Target TGT.N down as much as 7.7% at $90.60 in early trading
** Slashes annual forecasts on rising tariff uncertainty and demand slowdown
** CEO Brian Cornell says pricing decisions will largely depend on ongoing efforts to source more products in the U.S. and reduce reliance on China
** Expects single-digit decline in annual sales vs prior forecast of growth of around 1% and adjusted EPS between $7.00 and $9.00 per share vs $8.80 to $9.80 earlier
** Q1 comparable sales decline 3.8% vs estimates of a 1.08% drop and adjusted EPS of $1.30 misses estimates of $1.61, data compiled by LSEG
** CEO says reversal of some DEI policies played a role in Q1 performance, but he couldn't quantify the impact; TGT has been facing backlash for ending many of its DEI policies
** Up to last close, stock down 27.4% YTD
(Reporting by Anuja Bharat Mistry and Neil J Kanatt in Bengaluru)
((AnujaBharat.Mistry@thomsonreuters.com))
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