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.
Target (NYSE:TGT)
Historical Stock Chart
From Apr 2020 to May 2020 Click Here for more Target Charts.
Target (NYSE:TGT)
Historical Stock Chart
From May 2019 to May 2020 Click Here for more Target Charts.