Retail giant Target experienced a setback this year during “pride month,” as it fell short of its second-quarter revenue expectations. The company’s foray into pro-transgender apparel sparked a significant consumer backlash earlier this year.
NEW: Target had its first quarterly revenue miss in six years.
As it turns out, working with satanists to push transgenderism on children was not a wise business strategy.
Selling “tuck friendly” swimwear marketed to children wasn’t either.
— Michael Seifert (@realmichaelseif) August 16, 2023
The controversial merchandise, which included “pride” clothing for infants, “tuck-friendly” swimwear, and items created by self-proclaimed Satanists and transgender activists, stirred controversy and adversely impacted the company’s financial standing.
From its peak at nearly $170 per share in April, Target’s stock plummeted to just over $126 per share in mid-June, where it has since stagnated. The backlash against the contentious clothing collection resulted in a loss of almost $14 billion in the final two weeks of May alone.
The recent quarterly earnings report disclosed the extent of Target’s losses, revealing a 5.4% decline in sales. This marks the first drop of this kind in over six years for the retail chain. According to Target’s official report, total revenue amounted to $24.8 billion, reflecting a 4.9% decrease from the previous year.
In response to these findings, Target Chief Growth Officer Christina Hennington stated that the company intends to revise its pride merchandise strategy for the upcoming year.
Hennington explained, “We will continue to embrace Pride celebrations and other important cultural moments, while also making necessary adjustments to our approach.” Similar corporate entities faced comparable challenges due to their LGBT-themed campaigns this year, including Anheuser-Busch, the parent company of Bud Light.
The decision to enlist the transgender influencer Dylan Mulvaney to endorse their product inadvertently branded the beer as a symbol of transgenderism, inciting a widespread boycott that continues to impact the company.
Reports even emerged of stores in the Midwest struggling to offload accumulated stock of the beverage by offering it for free, essentially reimbursing customers for their purchases. This corporate pushback coincides with a series of surveys carried out this summer that indicate a rightward shift among Americans on cultural issues such as abortion and transgenderism.
Notably, a Gallup poll conducted in May found that social conservatism has reached its highest level since 2012, highlighting the evolving social landscape in the United States.