Target’s stock has lost about a fifth of its value over the past two and half weeks. It’s not about what you may have heard. If you follow right-wing media or Twitter, you may have seen a lot of coverage recently about Target’s stock price falling because of outrage over its Pride Month clothing. It’s conceivable that some investors sold Target because of the negative coverage on Fox News and other right-wing outlets.
More than half of Target’s merchandise is discretionary – clothing, home decor, electronics, toys, party supplies and other non-essentials. Shoppers have shifted away from discretionary goods and instead are spending more on food, household essentials, travel and other services. These changes are hurting Target. Target’s sales inched up just 0.5% last quarter.
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