The retailer's CEO attributed the results to weakness in discretionary spending, declining consumer confidence, uncertainty over tariffs, and shopper backlash against the company’s decision to halt diversity initiatives.

The retailer announced earlier this year it would phase out long-term diversity, equity and inclusion goals after a conservative-led backlash.

US retail chain Target has slashed its expectations for the year after a sharp fall in sales which it blamed on a "highly challenging environment" amid the introduction of trade tariffs. Its sales slumped by 5.