(Headline USA) Tractor Supply apologized to its customers and announced it would do away with “woke” initiatives after facing backlash from customers.
That’s an over $2 BILLION dollar dive in the market cap of Tractor Supply this week. Wow. pic.twitter.com/1AQhP2elld
— Robby Starbuck (@robbystarbuck) June 25, 2024
The farming supplies retailer has been facing a boycott for the past month over its support for leftist initiatives, such as LGBT Pride festivals and climate change emissions goals, and discriminatory diversity, equity and inclusion hiring requirements.
As a result, shares of Tractor Supply have fallen about 3% in the past month.
In a statement on Thursday, Tractor Supply said it has “hard from customers that we have disappointed them” and decided to take their “feedback to heart,” the Washington Times reported.
Statement from Tractor Supply pic.twitter.com/ZMweR8JVuy
— Tractor Supply (@TractorSupply) June 27, 2024
Moving forward, Tractor Supply said it will focus on “rural priorities,” not woke policies.
It agreed to cease sponsorship of “nonbusiness activities” such as Pride festivals and voting campaigns, and stop sending data to the left-wing Human Rights Campaign.
The company also announced it would drop its DEI goals and ax all DEI positions within the corporation.
Additionally, Tractor Supply said it would abandon its previous goal to cut carbon emissions by 50% by 2030 and instead prioritize land and water conservation initiatives.
“We work hard to live up to our mission and values every day and represent the values of the communities and customers we serve,” Tractor Supply said in its statement. “We will continue to listen to our customers and team members. Your trust and confidence in us are of the utmost importance, and we don’t take that lightly.”
The Human Rights Campaign blasted Tractor Supply in a statement, calling its decision to abandon financially perilous woke policies “short-sighted.”
This is not the first time customers have used their buying power to push back on corporate leftism.
Bud Light and Target faced their own boycotts last year, losing billions of dollars in stock value as a result. Target, for example, lost $10 billion in market valuation in just 10 days after launching a Pride collection geared toward children.
