On the one-year anniversary of it's boycott, the American Family Association feels consumers made a statement. 

"People were outraged. And they voiced that outrage by joining the boycott," Walker Wildmon of the AFA said. 

AFA is the group which organized the boycott of Target April 20th, last year, because of a Target's stance against HB2. Sicne the boycott started, Target's 4th quarter earnings for 2016 showed a 1.5% drop in comparable sales. Shortly followed by it's stock dropping more than a third in value. 

AFA says Target's loss is a clear sign the boycott is working. 

"A major role,if not the leading role,in Target's financial status over the past 12 months," Wildmon said. 

"I think it's often times a convenient narrative to point to one reason for the decline in a company," producer and host of the Retail Focus Podcast, Trent Kling said. 

He's one of the retail experts who say diagnosing Target's root problems isn't so simple. In February, Target reported seeing a slight uptick in traffic at it's stores. And it's digital sales rose by more than a third. 

"If the boycott had affected them, I would think the traffic numbers would be down," Kling said. "Really you're just looking at total basket size, overall. And pricing pressure from competitors is, I  think, the major culprits."

Experts say it's another sign of struggles the retail sector as a whole is facing. 

While companies like Walmart haven't faced the same declines, Kling said it may be more accurate to compare Target to Kohl's or JCPenney. 

"When you look a Kohl's stock price, particularly over the last 6 months, you're seeing declines of 20 to 25 percent," Kling said. "Right in line with declines you're seeing with Target."

Target has not backed down on it's stance, allowing transgender people to choose which bathroom and dressing room to use. 

AFA is continuing it's boycott. It said whether target decides to admit it or not, customers spoke, and the market reacted. 

"So definitely the boycott has had an impact on target's bottom line," Wildmon said. "And it will remain in place until target reverses it's bathroom policy, it's changing room policy.

AFA said it's boycott has more than 1.5 million participants.