Target losses swell to $12.4 billion; shares at lowest since 2020
Target's market value dropped by another $2.4 billion Tuesday
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There is more trouble for Target shareholders who continue to bear the brunt of the Pride merchandising controversy, which erupted earlier this month.
Shares fell another 3.66% Tuesday, marking the eighth straight decline and lopping off another $2.4 billion in market cap, as tracked by Dow Jones Market Data Group.
Since the backlash, Target's market value has fallen over $12 billion to $61.77 billion as of Tuesday's closing price. Mid-month the market value was over $74 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 129.76 | -2.62 | -1.98% |
TARGET, BUD LIGHT INVESTORS LOSE BILLIONS ON MARKETING MISSES
It put the stock on its longest losing streak since November 2018, leaving shares at a fresh 52-week low of $133.88 per share.
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The retailer, which has supported LGBTQ Pride for years, this season offered merchandise that included female-style swimsuits that have the option to "tuck" male genitalia. Other products were labeled as "Thoughtfully fit on multiple body types and gender expressions," a "Gender Fluid" mug and a variety of adult clothing with slogans such as "Super Queer" among other items.
Target's new Pride adult one-piece swimsuit featuring "tuck-friendly construction" and "extra crotch coverage." (Brian Flood/FOX Business / Fox News)
As first reported by Fox News Digital last week, customers pushed back in certain stores, forcing the retailer to make rapid changes.
"For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month," a company spokesperson told Fox News Digital. "Since introducing this year’s collection, we've experienced threats impacting our team members’ sense of safety and well-being while at work.
"Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior. Our focus now is on moving forward with our continuing commitment to the LGBTQIA+ community and standing with them as we celebrate Pride Month and throughout the year."
Separately, the retailer's Gay Pride collection has been linked to controversial designer Erik Carnell of Abprallen, who is an outspoken Satanist whose brand features occult imagery and messages like "Satan respects pronouns" on brand apparel, Fox News Digital reported.
Many Target locations across the country feature massive June Pride month displays on an annual basis. (Brian Flood/FOX Business)
He is also known for aggressive messaging and phrases, including "Burn down the cis-tem," which have been featured on the website, along with one that says "homophobe headrest" with an image of a guillotine.
More recently, Fox News reported Target partners with a K-12 education group that focuses on getting districts to adopt policies that will keep parents in the dark about their child's in-school gender transition, providing sexually explicit books to schools for free and integrating gender ideology at all levels of curriculum in public schools.
The organization, GLSEN, has received at least $2.1 million in donations from Target, which offers districts and students guidance on how to hide gender transitions from parents.
"GLSEN leads the movement in creating affirming ... and anti-racist spaces for LGBTQIA+ students. We are proud of 10+ years of collaboration with GLSEN and continue to support their mission," Target said.
Fox News Digital's Brian Flood and Hannah Grossman contributed to this report.