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There are two indisputable facts surrounding Target’s decision to allow men to use the same bathrooms and changing rooms as women and little girls.

First, Target’s stock has taken pounding since April. Second quarter earnings fell to $680 million, according to Market Watch. And revenue fell 7.2 percent.

Second, more than 1.4 million consumers have joined American Family Association’s nationwide boycott of the nation’s second-largest discount retailer.

The debate is whether there is a correlation between those two facts.

Target CEO Brian Cornwell told Fortune magazine in May that the transgender bathroom policy has nothing to do with their financial wellbeing.

“To date we have not seen a material or measurable impact on our business,” he said. “Just a handful of stores across the country have seen some activity and have been impacted.”

But American Family Association believes their boycott is having a significant impact on Target’s bottom line.