Erik, founder and designer for Abprallen and Target Pride collection
In June, JP Morgan downgraded their outlook for Target as the retailer continues to suffer through its longest losing streak in 23 years.
Nasdaq reported: On June 1, 2023, JP Morgan downgraded their outlook for Target (NYSE:TGT) from Overweight to Neutral. Analyst Price Forecast Suggests 40.86% Upside.
Target started to see a significant decline in its stock shares as a result of mounting backlash and widespread calls for a boycott over its satanic and woke LGBT children’s merchandise.
Target’s massive ‘Pride’ Section, devoted to trans and LGBTQ kids’ clothing including “tuck-friendly swimwear for kids” and chest binders, is displayed at the front of each store nationwide.
The collection includes shirts and bags with messages that include, “live laugh lesbian,” “cure transphobia not trans people,” “too queer for here,” and “we belong everywhere.”
Abprallen, an LGBT+ company based in London that sells apparel that includes satanic imagery including pentagrams, horned skulls, and references to the devil collaborated with Target to create the “PRIDE” collection.
Threats of boycotts and massive backlash across the country prompted Target to scale back during an emergency meeting with the Target Asset Protect & Corporate Security team.
This week Target announced that the company suffered a 5.4% slump in sales in the second quarter of this year. It was the company’s first slump in sales in six years.
The Daily Mail reported:
Quarterly sales for Target dropped for the first time in six years – with the company blaming its recent Pride collection for the sudden slump.
Sales at stores that have been open for at least a year dropped 5.4 percent in the last quarter, including a 10.5 percent dip online.
The company was also forced to cut its annual sales forecast and blamed the backlash it received for its LGBTQ+ collection – including a ‘tuck-friendly’ bathing suit.
As well as sales, Target’s foot traffic dropped 4.8 percent last quarter, with analysts blaming ‘a function of a mix that skews too discretionary, as well as the Pride merchandise issues.’
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