Target (TGT) Falls 5% As December Sales Fall Short
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Price: $144.51 -0.95%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 3.2%
EPS Growth %: +10.2%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 3.2%
EPS Growth %: +10.2%
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Shares of Target Corp. (NYSE: TGT) are down down 4.9 percent after reporting December comparable-store sales of up 0.9 percent, well below the consensus of up 3.9 percent.
"December sales were below expectations, as strength in Grocery and Apparel was offset by softness in Electronics, Toys and some Home categories," said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. "Sales in some key gift-giving categories moved earlier into the holiday season, and lower margin items drove a higher portion of sales than expected. Our 5% REDcard Rewards program is delivering the results we expected, and we’re confident that we will continue to generate profitable growth, even while consumer buying patterns exhibit volatility across categories and over time."
Target continues to expect fourth quarter comparable-store sales will increase in the range of 2 to 4 percent.
"December sales were below expectations, as strength in Grocery and Apparel was offset by softness in Electronics, Toys and some Home categories," said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. "Sales in some key gift-giving categories moved earlier into the holiday season, and lower margin items drove a higher portion of sales than expected. Our 5% REDcard Rewards program is delivering the results we expected, and we’re confident that we will continue to generate profitable growth, even while consumer buying patterns exhibit volatility across categories and over time."
Target continues to expect fourth quarter comparable-store sales will increase in the range of 2 to 4 percent.
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