Target Stock Falls for 9th Day After Pride Merch Backlash

If shares stay on that trajectory, Wednesday could be its 10th day of the past 11 days that the stock price closed down, according to Dow Jones Market Data. 

The stock is down more than 15% this month and down 11.4% this year. Over the past 12 months, it has fallen 15.6%.

A Target representative could not immediately be reached for comment.

Taget shares started falling after it reported mixed first-quarter earnings on May 17, beating earnings expectations but warning that sales would slow going forward as shoppers spend less on discretionary items.

Then on May 24, in response to intense backlash from some customers and workers who felt threatened, Target said it removed certain Pride Month-related merchandise and changed its LGBTQ-friendly offerings. It kept its rainbow-adorned clothing and other items, but moved other, more-controversial items to less-prominent locations.

“Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work,” the company said.

Some people criticized a transgender-friendly line of adult swimsuits on social media, The Wall Street Journal reported. A Target spokesperson told the Journal that people have knocked down Pride-related merchandise displays, confronted workers in some stores, and posted threatening videos taken from inside stores on social media.

Target has said it remains committed to the LGBTQIA+ community.

Target, a Barron’s stock pick in 2022, is seeing its worst nine-day stretch since May 31, 2022, when shares fell 24.8%. The stock is now on its longest losing streak since Feb. 24, 2000, when it fell for 11 straight trading days, according to Dow Jones Market Data.

Write to Janet H. Cho at [email protected]