Wednesday, January 15, 2020
=Target (TGT) : holiday sales fell short of forecasts
After a highflying 2019, Target’s holiday season results came in below expectations.
The company said same-store sales grew 1.4% in November and December, below Wall Street’s consensus estimate at 3.7%. The company’s outlook called for growth between 3% and 4%.
Target stock (ticker: TGT) was down 6.2% at $117.49, while the Dow Jones Industrial Average was off 0.1%. The stock had gained about 85% year over year through Tuesday’s close, proving that retail stocks could still pop in the so-called retail apocalypse.
The retailer cited weaker-than-expected sales in the key electronics and toys categories, as well as portions of the home category. Combined, they amount to about one-third of holiday-season sales.