Ever since Target released a statement announcing its bathroom policy, the company’s stocks have been in a virtual freefall as millions of people across the country boycott the store. However, upon hearing the news of the company’s loss, its CEO had a rather troubling response.
One would think that the convenient timing of the plummet coupled with the fact that over a million people signed a boycott pledge would wake up the executives at Target and make them realize they made a poor decision. But you’d be wrong.
In fact, you’d be more accurate thinking Hillary Clinton never lies than you would thinking Target’s CEO isn’t completely delusional after hearing what he had to say about the company’s share prices sharp decline.
Here’s more on it from Fortune:
Target TGT 2.16% reported a disappointing set of first-quarter results on Wednesday and warned investors to expect a slight drop in business in the current quarter.
The discount retailer pointed to many factors pinching sales, damp and cool weather in parts of the company and skittish consumers, among them.
But one thing not hitting sales is the purported boycott of Target by many customers offended by the company’s announcement last month that it would allow transgender customers and employees to use the bathroom in its stores that aligns with their identity. That came soon after a controversial law in North Carolina was passed about the use of bathrooms.
“You’ve heard us talk over the years about our commitment to diversity and inclusion,” Target CEO Brian Cornell told Fortune on a media call on Wednesday morning. He did allow that just a few stores had some protests and took a bit of a hit sales wise, but on the whole, the 1,800-store retailer didn’t feel anything.
“To date we have not seen a material or measurable impact on our business. Just a handful of stores across the country have seen some activity and have been impacted,” he added.
Hmm. that sounds mighty fishy, considering that the company’s stocks started plummeting just the day after Target announced its new policy and haven’t stopped since. Coincidences almost never happen, especially on this grand of a scale that’s surrounding such a controversial topic.
With that in mind, Cornell had best tread carefully moving forward – first the customers fire the company, then the shareholders fire the CEO, and with the way things are going, Target’s shareholders can’t be happy right now. If he were smart, he’d reverse the company’s policy and try to win back some of the people who boycotted Target, but then again, the damage may already be irreversible.