Target’s most recent earnings report reflects a massive sales crash in Q2 following ongoing backlash over the store’s LGBTQ Pride items and the promotion of products designed by an apparent Satanist.
Target’s quarterly report noted that “sales declined 5.4 percent in the second quarter, reflecting comparable store sales declines of 4.3 percent and comparable digital sales declines of 10.5 percent.”
“Total revenue of $24.8 billion was 4.9 percent lower than last year,” the company stated.
The company described its sales for the quarter as “softer-than-expected.” Total sales were down by more than $1 billion, dropping from $25.7 billion in Q2 2022 to $24.4 billion in 2023.
“As we navigate an ever-changing operating and social environment, we are applying what we learned,” Target CEO Brian Cornell explained, per the Wall Street Journal.
“Multiple economic crosscurrents are putting pressure on consumers,” he added, suggesting that economic factors also contributed to the downturn.
Despite the massive backlash, Target has indicated it is committed to carrying LGBTQ-themed items. However, in the future, the company said it plans to have a more focused assortment of products and will review the brands that it sells.
“You will see us celebrate Pride, you will see us celebrate these heritage moments, but with these modifications,” said Target’s chief growth officer, Christina Hannington.
This past spring, the company’s LGBTQ Pride-themed collection included clothing items for toddlers, as The Dallas Express reported.
Additionally, Target sold products designed by a self-identified “gay trans man” who heads a Satanist-themed brand with an Instagram page proclaiming “Satan respects pronouns” and “Satan loves you and respect who you are.”
After substantial outcry, Target removed the gear designed by the Satanist brand’s creator and also began removing Pride displays in Southern stores.
The decision led prominent politicians, such as California Gov. Gavin Newsom, to denounce the company, as covered by The Dallas Express.
“This isn’t just a couple of stores in the South. There is a systematic attack on the gay community happening across the country,” Newsom claimed. “Wake up America.”
Target is not the only mega-corporation to feel the effects of massive boycotts following LGBTQ-related marketing pushes. Anheuser-Busch, the parent company of Bud Light, has recently fired hundreds of employees as sales continue to fall after collaborating with transgender activist Dylan Mulvaney.