Target‘s annual revenue has fallen year over year for the FIRST TIME in SEVEN YEARS! From the Wall Street Journal:
The company has been battling the effects of weaker traffic to its stores and shoppers spending a bigger chunk of their budgets on food and other essentials. On Tuesday it said revenue in the year ended Feb. 3 was $107.41 billion, down 1.6% from the previous year.
Target earns most of its sales from nonfood items, in contrast to competitors such as Walmart, the country’s largest grocer. While inflation is cooling, especially in some nonfood categories, it has been 30 years since food costs have accounted for such a high percentage of Americans’ spending, according to government figures.
Target’s weakness comes as some competitors are growing at a faster clip, including Amazon, Walmart and Costco. Each of those companies has recently attracted more shoppers looking for fast shipping or deals on food and other essentials, executives have said.
Target has also dealt with its own missteps. The retailer angered shoppers over certain products being sold for LGBTQ Pride month and its response to the blowback, further hurting revenue.
Target was the subject of a devastating boycott after featuring “tuck-friendly” swimsuits designed for “transgender” individuals in advance of “Pride month.” As a result, the company lost $10 billion in market capitalization in just five days. The boycott occurred not long after a Bud Light marketing campaign featuring a transgender influencer backfired and cost parent company Anheuser-Busch InBev billions in lost revenue. Even the left-wing media outlet Vox admitted that “the conservative boycott playbook is kind of working.”
NLPC’s Chairman Peter Flaherty published an op-ed not long after the boycott erupted that accused Target’s CEO Brian Cornell of being “clueless” to the danger of siding with the woke mob.
Cornell has failed to fathom that he is on the wrong side of the cultural revolution that is being foisted on the American people. As the moral anarchists’ demands become more extreme, the reaction will become more furious.
Unfortunately, Target refuses to learn its lesson. An annual survey recently conducted by the American Conservative Values ETF found that Target was one of the top three “most woke liberal S&P 500 companies.” The company is being held hostage by an activist board and a complicit management team.