Target quarterly report reveals drop in sales amid backlash to LGBT products

Aug 18, 2023 by Jill

by Ryan Foley, Christian Post:

Major retail chain Target has reported a decline in quarterly sales for the first time in six years as the company faced backlash after promoting LGBT related products during pride month.

Target, based in Minneapolis, Minnesota, released its second-quarter earnings report Wednesday, which details the company’s sales for the three-month period that ended on July 29. The data included in the report compares the retailer’s financial situation this year to the revenue it brought in at the same time last year.

In the three-month period ending on July 29, 2023, Target amassed a total of $24,384,000 in sales. In the three-month period ending on July 30, 2022, Target sold $25,653,000 in goods. The company’s sales in the second quarter of fiscal year 2023 amount to a 4.9% drop compared to its earnings from the same time period in fiscal year 2022.

Target brought in $49,332,000 in sales during the six-month period ending on July 29, 2023. In the six-month period that concluded on July 30, 2022, Target sold $50,483,000 in merchandise. The company witnessed a 2.3% decrease in sales in the first six months of fiscal year 2023 compared to the first six months of fiscal year 2022.

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