Target is hurting.
In the wake of rolling out its June Pride Month displays, Target has taken a financial beating from outraged shoppers who don’t share the retail giant’s progressive ideology; trans clothing for children has been a particular concern of consumers.
Target lost $9 billion in market value since angry social media users called for a boycott.
From The New York Post:
A week ago Wednesday before the controversy erupted, Target’s stock closed at $160.96 a share, giving the big-box chain a market capitalization of $74.3 billion.
As of early trading on Thursday, however, shares of the company were trading off 1% at $141.76 — capping a weeklong tumble that has shrunk the “cheap chic” discount retailer’s value to $65.3 billion.
That amounts to a 12% drop that has shaved a whopping $9 billion off the company’s market capitalization.
Target said on Tuesday it was removing some items from its stores and making other changes to its LGBTQ+ merchandise nationwide ahead of Pride month after intense backlash from some customers who confronted workers and tipped over displays.
Videos going viral of shoppers examining the Pride merchandise can be found all over social media, including the one above of a woman discovering the “tuck-friendly” pants in the kids’ section.
More from The New York Post:
Target loses $9B in week following boycott calls over LGBTQ-friendly kids clothing https://t.co/c5ow0yB1fz pic.twitter.com/4otZ54O1B1
— New York Post (@nypost) May 25, 2023