Target (TGT) Shares Slump As Sales Fall Short of Expectations
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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) said Thursday that it same store sales edged up 0.5 percent in January, but the result missed the street's expectations.
Shares of the Minneapolis based company are down on Thursday after the company's sales in January missed the analyst expectation on a 1.4 percent increase.
Target stated that the results were in line with the company's expectations as it was forced into clearance pricing item much deeper.
"Our January comparable-store sales were in line with our expectations, as lower clearance sales held back our year-over-year growth," said Gregg Steinhafel, chairman, president and CEO of Target Corporation.
Total sales for the month were $4.3 billion, up 3.6 from the year ago-month. This figure however does factor in locations that were opened within the last year.
The discount retailer said that its home and apparel categories had solid monthly results as the traffic in the stores grew for the month.
For the quarter to date, Target saw sales of $19.72 billion, which was up 3.7 percent from the same period last year. Same store sales for the company in this period rose by 0.6 percent.
Shares of Target are down 3.81 percent in early market movement on Thursday to $48.66.
Shares of the Minneapolis based company are down on Thursday after the company's sales in January missed the analyst expectation on a 1.4 percent increase.
Target stated that the results were in line with the company's expectations as it was forced into clearance pricing item much deeper.
"Our January comparable-store sales were in line with our expectations, as lower clearance sales held back our year-over-year growth," said Gregg Steinhafel, chairman, president and CEO of Target Corporation.
Total sales for the month were $4.3 billion, up 3.6 from the year ago-month. This figure however does factor in locations that were opened within the last year.
The discount retailer said that its home and apparel categories had solid monthly results as the traffic in the stores grew for the month.
For the quarter to date, Target saw sales of $19.72 billion, which was up 3.7 percent from the same period last year. Same store sales for the company in this period rose by 0.6 percent.
Shares of Target are down 3.81 percent in early market movement on Thursday to $48.66.
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