Target’s Sales Fell for First Time in 6 Years , Over Pride Month Backlash.
Target’s Sales Fell for First Time in 6 Years , Over Pride Month Backlash.
The retailer's Pride Month products went viral on social media this year, causing many people to boycott the store, CNN reports. .
The retailer's Pride Month products went viral on social media this year, causing many people to boycott the store, CNN reports. .
In response to a hostile campaign, Target removed some of its Pride Month items to ensure a safe environment for its workers.
In response to a hostile campaign, Target removed some of its Pride Month items to ensure a safe environment for its workers.
However, LGBTQ+ supporters were angered by Target's product withdrawal, saying the company let bigots win.
According to DA Davidson analyst Michael Baker, Target's foot traffic last quarter dipped 4.8%.
This was "likely a function of a mix that
skews too discretionary, as well as the
Pride merchandise issues," Baker said. .
This was "likely a function of a mix that
skews too discretionary, as well as the
Pride merchandise issues," Baker said. .
Target stores that have been open for one year or more saw sales decline by 5.4% last quarter.
Online sales decreased by 10.5%
during that same time.
However, Target's profit still
exceeded Wall Street's expectations.
Pre-market trading saw the
retailer's stock rise 8%.
But as of early Aug. 16, Target's stock
has declined 27% year over year