Target’s stock has taken a hit, and controversy continues to swirl over Pride’s merchandising plans, putting shareholders in a bind, it first reported. Fox News Digital.
Shares fell another 1.6% on Thursday, down more than 12.6% since the unrest broke out a week ago on Wednesday, according to Dow Jones Market Data Group. This equates to a market value of $9.3 billion.
Stocks have fallen for six straight days during this period, the longest losing streak since December 2022 and the worst six days since the six days ending May 25, 2022, when stocks fell 27.34%. .
Over the same period, the S&P 500 has changed little. Fox Business reached out to Target about the stock sale, but did not immediately receive a response.
“For more than a decade, Target has offered a variety of products aimed at celebrating Pride Month,” a company spokesperson told Fox News Digital. “Since launching this year’s collection, we have experienced threats affecting the safety and well-being of our team members at work. We are adjusting our plans, including removing items that were centered.” “We are now focused on continuing our commitment to the LGBTQIA+ community and walking with them throughout Pride Month and the year.” increase.”
|target||Target Co., Ltd.||140.75||-2.35||-1.64%|
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Adding fuel to the fire, the retailer’s Gay Pride collection is associated with controversial designer Abplalen Eric Carnell. An outspoken Satanist, the brand’s apparel features occult imagery and messages such as “Devil honors pronouns.” Fox News Digital reported separately.
He is also known for his offensive messages and phrases, such as “burn the system”, which are featured on his website alongside “homophobic headrests”. An image of a guillotine.
Karen explained: Instagram post Satan stands for “passion, pride and freedom” and “loves all LGBT+ people”.
Target continues a similar trend following the backlash of Bud Light after Anheuser-Busch dispatched transgender activist Dylan Mulvaney. personalized packs of beer The influencer’s likeness was used as part of an ad for the company’s March Madness contest and to celebrate the one-year anniversary of Mulvaney beginning to identify as a woman.
Bud Light’s parent company lost $18.8 billion in market capitalization between March 30 and May 25, with its stock price down more than 14%, according to Dow Jones Market Data Group research. A nationwide boycott of the beer began, and sales were sluggish. The S&P 500 index rose 2.5% over the same period.
CEO Michelle Duquelis has tried to keep the company out of the campaign, but has also vowed to help distributors who have borne the brunt of the economic backlash.
With Memorial Day weekend approaching, the company is trying to do more damage control. Fox News Digital reports Bud Light. announced a new promotion called the “US Budweiser Family Memorial Day Rebate” online for customers in eligible states. This rebate promises a value of “up to $15, equivalent to the purchase price of 15 packs or more” of Bud Light, Budweiser, Budweiser Select or Budweiser Select 55 paid via an Anheuser-Busch Digital Prepaid Mastercard. However, based on recent prices of Bud Light products, in some cases, they will be handing out packs of beer for free.
Bud Light sales down 23.6% in first week of May as Mulvany fallout backlash continues into week 5
Several of the executives who launched the campaign have since gone on vacation.
Brian Flood, Kristine Parks, Lindsay Kornick, and Alexa Moutevelis of Fox News Digital contributed to this report.