I can't comment on this specific brand but a couple of years ago, I bought some red mulch at around this price point, in no time at all the red color was gone.
I bought the red mulch at home depot last year. I think it was scotts brand but I'm not sure. Still as red as the day I bought it and I live about 3 miles from the sun. Its 100+ here all summer and rains like hell all winter.
I'd originally bought some off-brand at Lowes, but when I got there they spent 45 minutes looking for where they put it, and had me driving my car in circles around the building after walking around the whole place. I gave up and got the brand name at HD for the same price, and it only took 3 minutes to figure out where it was.