CV NEWS FEED // Target posted its first-quarter (Q1) 2024 earnings Wednesday morning, showing that the retail giant still has not recovered from its decisions last year to hire a Satanist designer and sell “pride” merchandise aimed at children.
Analysts have also attributed Target’s recent decline to continued inflation under Joe Biden’s presidency – despite some economists’ insistence that “the consumer is strong.”
Although Target CEO Brian Cornell claimed that his company’s “first quarter financial performance was in line with our expectations,” observers quickly questioned that claim.
Minneapolis / St. Paul Business Journal Managing Editor Mark Reilly reported Wednesday afternoon that
Target Corp. posted lower-than-expected profits for the first quarter of 2024 as the retailer posted a fourth straight quarter of sales declines while discretionary purchases — a key driver for Target — stayed weak.
The Kobeissi Letter (TKL), a publication that analyzes the stock market, wrote in a Wednesday X (formerly Twitter) post: “Target stock, $TGT, falls 8% after reporting weaker than expected earnings with a 3% revenue decline due to consumer weakness.”
“The company’s store traffic fell by 1.9% less quarter and the average amount spent by customer also fell 1.9%,” TKL added.
“Consumers bought fewer everyday items like groceries along with fewer discretionary goods,” the post continued. “Another sign that consumers are struggling.”
In addition, one X user wrote that “Dismal” is the word that “comes to mind” when describing Target’s Q1 report.
FOX Business’ Charles Payne also commented on Target continuing to financially miss the mark.
“97% of economists, strategists and even retail experts I’ve had on the show insist the consumer is strong,” Payne wrote. “The interviews are so frustrating. Here’s the latest sign of strength: Target Getting walloped on horrific financial results.”
However, inflation is not the sole reason why Target in particular is struggling.
Almost exactly one year ago, mass-consumer boycotts against the retailer began following its decision to carry pro-LGBTQ “pride” items – including clothing marketed toward children, and some products designed by a so-called Satanist.
CatholicVote reported on May 23, 2023,
Target hired designer and self-identified Satanist “Abprallen” to design products for their “pride line” in stores across the country. Many Target locations feature prominent LGBTQ+ apparel and accessory displays during the month of June.
This year, Target also released “tuck-friendly” bathing suits for adults and children as part of their pride line.
“Abprallen has openly posted multiple times on her Instagram about her devotion to Satan,” continued CatholicVote. “She once posted an image of a t-shirt that reads ‘Satan respects pronouns.’”
>> MAY 2023: TARGET HIRES SATANIST TO DESIGN ‘PRIDE’ LINE <<
Less than three months later, CatholicVote pointed out that “Target’s sales have continued to plummet.”
The Daily Signal’s Tyler O’Neil reported at the time:
Target’s second-quarter sales fell for the first time in six years amid backlash to the company’s LGBTQ “Pride Month” merchandise.
…
Even the retail giant’s foot traffic declined in the second quarter—by 4.8%.
>> AUGUST 2023: TARGETS SALES CONTINUE TO PLUMMET <<
