The public backlash and boycott over Target's transgender bathroom policy have affected their bottom line, forcing CEO Brian Cornell to appeal to the public on CNBC's “Squawk Box”, to reassure customers and investors that their “self-inflicted” wound will heal.
Apparently retail giant Target thought they had a public relations issue by not allowing the 0.25% of the population that identifies as transgender to use the restroom of their choice, prompting them to change this policy. It turns out this is nothing compared to the reaction of a significant portion of the other 99.75% of Americans who don’t wish to share — or for their children to share — restrooms or changing rooms with men who identify as women, writes Truth and Action.
The financial losses due to Target's revolutionary policy and political agenda have been substantial.
That tough feedback includes a consumer boycott that now has 1.2 million supporters, much damage to the company’s brand, and a massive sell-off on Wall Street that has chopped the company’s share price from almost $84 on April 19 to $75.70 on May 11.
That’s a loss of $8.30 per share, or 10 percent, or almost $5 billion since April 19. Of course, some part of that loss is due to President Barack Obama’s weak economy — but no company is helped by many management decisions that anger so many customers.
He told Squawk Box that the retail giant has received “a lot of tough feedback”…. “But sitting here today, we know we made the right decision.
But his pitch failed — the company’s stock crashed by roughly $3.50 per share after his appearance, down to the $75.70 level, despite a reassuring thumbs-up from one of the channel’s experts. “Target – it’s going higher, this thing is too cheap,” said CNBC’s Pete Najarian.