Target’s stock has dropped more than 10 percentage points since the company drew controversy for unveiling its latest line of LGBT products.
Since the backlash hit Target, the Minneapolis-based retailer’s stock has dropped some 12 percent, according to data published by the Dow Jones Market Data Group. That amounts to a loss of more than $9 billion in market value, the data show.
On Wednesday, May 17, right around the time the controversy erupted, Target’s stock closed at $160.96 per share, giving the firm a $74.3 billion market capitalization. But about nine days later, on Friday, May 26, the company’s stock slid to $138.93.
In the midst of the backlash—led by prominent conservative Twitter accounts—the company confirmed in a news release that it removed some of its “pride collection” clothing and placed those items in the back of stores in some locations. But the release attempted to cast the blame on individuals who were leading the boycott, alleging that there have been “threats” targeting Target employees’ “sense of safety.”
“Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work,” the firm said, without elaborating on the specific threats. It’s not clear if any police reports were filed by the company. “Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior,” it also said.
Boycott
Starting earlier this month, some conservative influencers noted that the company was selling children’s clothing and products with LGBT imagery and statements, including LGBT-themed clothes for newborn infants.
Target’s website shows it recently released a “Pride Collection” for 2023, including the aforementioned onesies for infants. One onesie includes the statement “Bein Proud,” while another features rainbows and hearts along with what appears to be the transgender flag colors of dull pink, white, and light blue.
