Target shares plunge as holiday sales miss estimates on weakness in toys and electronics



  • Source: CNBC - - Read: 0

    Summary:

     

    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 ...

     

     

    Read Full News: https://www.cnbc.com/2020/01/15/target-tgt-holiday-sales-2019-fall-short-of-estimates.html


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