Target Sales Drop Following Pride Collection Backlash
By Movieguide® Contributor
Target reported a drop in overall sales after customers complained about the store’s transgender and Pride merchandise.
According to Fox Business, “sales slipped 5.4% while the $24.8 billion in total revenue was 4.9% lower than last year.”
Their market value has dropped from $74 billion to $57.7 billion.
Fox Business also reported that Target expects to see “annual comparable sales to decline in the mid-single digit range, compared to its prior forecast of low-single digit decline to a low-single digit increase.”
Target said they expect shares to land somewhere between $7 and $8, compared to its previous range of $7.75 to $8.75.
Target CEO Brian Cornell admitted that the reaction to the store’s Pride collection did impact sales and said they would exercise caution when making future partnerships.
“As we navigate an ever-changing operating and social environment, we are applying what we learned,” Cornell said, per the BBC.
Chief growth officer Christina Hennington also pointed to “the strong reaction to this year’s Pride assortment” as a reason for the dip in sales.
“The reaction is a signal for us to pause, adapt and learn,” she said, according to CNN.
Cornell pointed to some other factors in Target’s sales decline as well, including consumers’ changing spending habits and shoplifting.
“Consumers are choosing to increase spending on services like leisure, travel, entertainment and food away from home, putting near-term pressure on discretionary products,” he explained, adding that Target stores “saw a 120% increase in theft incidents involving violence or threats of violence” in the first five months of 2023.
Target’s sales slump proves that when Christians vote with their dollars, they can make an impact.
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Now more than ever we’re bombarded by darkness in media, movies, and TV. Movieguide® has fought back for almost 40 years, working within Hollywood to propel uplifting and positive content. We’re proud to say we’ve collaborated with some of the top industry players to influence and redeem entertainment for Jesus. Still, the most influential person in Hollywood is you. The viewer.
What you listen to, watch, and read has power. Movieguide® wants to give you the resources to empower the good and the beautiful. But we can’t do it alone. We need your support.
You can make a difference with as little as $7. It takes only a moment. If you can, consider supporting our ministry with a monthly gift. Thank you.
Movieguide® is a 501c3 and all donations are tax deductible.
