|Get WOKE Go BROKE: Target sees nearly 90% reduction in profits as its support for transgenderism drives away loyal customers.|
|American retail chain Target saw its profits for the second quarter of 2022 decline by nearly 90 percent as the company’s open support of transgenderism and the LGBT agenda drove away many formerly loyal customers.
The company first introduced transgender-friendly policies in 2016, when it allowed men identifying as trans women to use store dressing rooms and bathrooms meant for actual women. Since then, the company has only expanded its support for transgenderism and has lost more and more of its customer base and partner businesses. (Related: Wave of lawsuits coming against psychiatrists and doctors who rubber-stamped transgender mutilations and surgeries.)
Just before Pride Month, Target unveiled a new clothing line specifically meant for people who were “transitioning” between genders. This clothing line included compression tops for women who want to hide their breasts and packing underwear meant to make women look like they have male genitalia. This clothing line was advertised to trans youth.
Target also sells a large line of “pride clothing” meant to promote the LGBT agenda.
According to the company’s latest earnings report, for the three-month period that ended on July 30, the company’s net income fell to $183 million, or 39 cents per share, nearly less than half of its expected 72 cents per share in earnings. During the same period last year, the company made $1.82 billion, or $3.65 per share.
Total revenue rose to $26.04 billion from $25.16 billion during the same time last year. Higher prices due to inflation drive a large portion of this revenue increase, which means the company’s actual revenue is likely far more minor.
This nearly 90 percent loss in profits comes after the company saw its first-quarter profits fall by 52 percent.
As of Monday, Aug. 29, share prices for Target Corporation have gone down by nearly 12 percent since it announced its second-quarter earnings. TGT shares closed at $158.69 per share. This also represents a 31.5 percent drop in share prices since the start of the year.
“Maybe Target still doesn’t get it but I’ll try to help spell it out for them,” wrote film director and producer Robby Starbuck. “When you decide to sell trans toddler merch and chest binders to kids, we went to other stores to spend our money and you’ll continue to feel the squeeze over your decision to sexualize kids.”
“Perhaps the retailer’s years of pushing their woke agenda is catching up to them,” wrote Amber Crawford for 100 Percent Fed Up.
Target claims profit loss not due to its support of transgenderism
Target claims the nearly 90 percent loss in profits is not due to its support of transgenderism but because it placed steep markdowns on unwanted merchandise as the big box retailer attempted to clear its inventory.
Chief Financial Officer Michael Fiddelke claimed this aggressive sell-off of inventory was necessary to clear the company’s warehouses of clutter for the holiday season.
“If we hadn’t dealt with our excess inventory head on, we could have avoided some short-term pain on the profit line, but that would have hampered our longer-term potential,” said Fiddelke on a call with reporters. “While our quarterly profit took a meaningful step down, our future path is brighter.”
Walmart, Target’s main big-box competitor, claims its reduction in profits comes from changes in consumer behavior driven by inflation. Target denied seeing any inflation-fueled changes to its consumers and in fact claims that sales and traffic for categories like food and beverages, beauty products and household essentials rose.
These claims are heavily contradicted by the company’s massive revenue loss. If customers were not driven away by inflation then it stands to reason that the company should not have seen a nearly 90 percent reduction in its second-quarter profits.
Read more transgender- and LGBT-related stories at GenderConfused.com.
Watch this InfoWars video with host Harrison Smith explaining how President Joe Biden’s executive order makes it illegal to criticize child gender transition programs.
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