Target Shares Fall Premarket After Holiday Sales Shortfall
January 15 2020 - 7:44AM
Dow Jones News
By Colin Kellaher
Target Corp. (TGT) shares fell more than 8% in premarket trading
Wednesday after the retailer reported disappointing holiday
sales.
Target said its comparable sales rose 1.4% for the November and
December holiday period, missing its expectations, and warned that
comparable sales growth for its full fiscal fourth quarter would
miss the 3% to 4% growth it had predicted.
The Minneapolis company said its softer-than-expected holiday
results reflect weak sales of toys and electronics.
Despite the sales shortfall, Target said it still expects to
meet its earnings guidance for the quarter, thanks to a
stronger-than-expected gross margin mix and productivity
improvements in its stores and supply chain.
Target shares, which closed Tuesday at $125.26, were recently
down 8.1% to $115.18 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 15, 2020 07:29 ET (12:29 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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