Target shares fell over 8% on May 22nd following a first-quarter earnings miss, highlighted by a 3% year-over-year decline in sales. 

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Target was down over 10% this week, however—still positive YTD-- up over 2%.

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Looking ahead, the retail chain forecast flat to 2% comparable sales growth in the second quarter. 

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But the midpoint of that range, 1%, was below the 1.39% comparable sales growth that analysts previously forecast.

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Shoppers are delaying purchases, waiting for deals, and increasingly spending on out-of-home activities, CEO Brian Cornell said on a media call. 

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Chief Growth Officer Christina Hennington said she expects discretionary spending to remain pressured short-term but improve later this year.

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Analysts and investors said Target had levers to pull to prop up its business and attributed its performance to both macroeconomic factors and internal challenges.