Target shares plunge as holiday sales miss estimates on weakness in toys and electronics
Target was expected to be a winner this holiday season, amidst a sea of disappointing reports. But the big-box retailer said Wednesday that its holiday sales were weaker than planned.
Its shares tumbled more than 8% on the news. Walmart, which hasn't reported holiday results, also traded lower. Its stock was last down about 2%.
Target said its same-store sales during November and December were up just 1.4%, compared with growth of 5.7% a year earlier.
The company said that, despite missing the mark, it is maintaining a prior outlook for fourth-quarter earnings. It also said in a press release that the fourth quarter of 2019 remains on track to mark Target's eleventh consecutive quarter of same-store sales gains.
Target said it found strength in apparel and beauty, while lackluster perform ...