The stock value of transgender-champion Target Corp. crashed by 13.5 percent this week after the company’s sales again fell below investors’ expectations.
Target’s stock value is now down by 30 percent since it sparked a consumer boycott by embracing the transgender political agenda. That 30 percent drop has slashed investors’ wealth by roughly $15 billion.
On Tuesday, the stock fell to $58.78, down from its April 19 high of $83.98. In contrast, WalMart is up 3 percent since April, and Kohl’s is down less than one percent.
Company officials indirectly acknowledged the consumer boycott. “Our fourth-quarter results reflect the impact of rapidly changing consumer behavior, which drove very strong digital growth but unexpected softness in our stores,” Target CEO Brian Cornell said in a company statement. The company also admitted that it would likely continue to experience losses through the year.
Leaders at the American Family Association highlighted the company’s worsening situation. “The American Family Association has called for a boycott of Target since last April after the chain publicized the fact that it would allow men to use the women’s restrooms and fitting rooms in their stores,” said a statement from Tim Wildmon, president of the AFA. He continued:
This [policy] is unacceptable for families, and the dangerous and misguided policy continues to put women and children in harm’s way. Men don’t belong in the same bathroom as our wives and daughters.
Target shares are at the lowest level since 2014.
The company’s earnings and stock prices have experienced a steady downward trajectory since its April 2016 decision to allow men and women to choose whatever bathroom or changing room they want to use at any given time in retail outlets across the nation. In the company’s April 19, 2016, statement, the store said, “we welcome transgender team members and [customer] guests to use the restroom or fitting room facility that corresponds with their gender identity.”
A month later, even in the face of a developing stock crash, Target CEO Cornell insisted that the #BoycottTarget movement mounted after the company’s transgender bathroom decision had nothing to do with the fall in stock prices.
The company’s stock price and earnings have never recovered since the 2016 announcement. In fact, the company’s outlook has been so dismal that earlier this month the company abruptly shuttered a pair of high-profile projects that were expected to lead the company into its future of retailing.
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Follow Warner Todd Huston on Twitter @warnerthuston or email the author at igcolonel@hotmail.com.
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