Target (TGT) June Sales Fall Flat
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Price: $144.49 -0.01%
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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Target Corp. (NYSE: TGT) announced Thursday that sales were "soft" last month, as comparable store sales rose less than what was expected by market analysts.
The discount retailer reported that sales at stores open at least one year were up 1.7 percent in June, missing the market consensus calling for a 2.7 percent jump.
Total revenue for the company for the five weeks ended July 4 increased 4 percent to $5.92 billion.
Target added that during the month sales of clothing, food, health care and beauty products were strong, but electronics, video games music and movies sales were weak in the period.
“Sales remained relatively soft for the second month this quarter, though we continued to experience favorable merchandise sales mix, effective retail expense control and strong profitability in our credit card segment," said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. "We continue to plan our business cautiously, with a focus on disciplined execution of our strategy across the company."
Through the first two months of the quarter, same store sales at Target are up 1.5 percent, while revenue in that period is up 4 percent to $10.54 billion.
In the year-to-date, the company has seen a 2.3 percent rise in comparable store sales, and a 5 percent increasing in total revenue to $25.7 billion.
Shares of Target are down 55 cents to $49.88 in early market movement Thursday.
The discount retailer reported that sales at stores open at least one year were up 1.7 percent in June, missing the market consensus calling for a 2.7 percent jump.
Total revenue for the company for the five weeks ended July 4 increased 4 percent to $5.92 billion.
Target added that during the month sales of clothing, food, health care and beauty products were strong, but electronics, video games music and movies sales were weak in the period.
“Sales remained relatively soft for the second month this quarter, though we continued to experience favorable merchandise sales mix, effective retail expense control and strong profitability in our credit card segment," said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation. "We continue to plan our business cautiously, with a focus on disciplined execution of our strategy across the company."
Through the first two months of the quarter, same store sales at Target are up 1.5 percent, while revenue in that period is up 4 percent to $10.54 billion.
In the year-to-date, the company has seen a 2.3 percent rise in comparable store sales, and a 5 percent increasing in total revenue to $25.7 billion.
Shares of Target are down 55 cents to $49.88 in early market movement Thursday.
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