Shares of Target Corp. (TGT) tumbled 8.6% in premarket trading Wednesday, after the discount retailer reported disappointing holiday-period same-store sales. The company said same-store sales during the November/December period rose 1.4% from a year ago, which Target said was "below expectations." Sales increases in apparel (up 5%), essentials and beauty (up 6%) and food and beverage (up 3%) was offset by declines in home (down 1%) and hardlines (down 3%), which includes toys (about flat) and electronics (down more than 6%). Target said it now expects fourth-quarter same-store sales growth of 1.4%, which is well below the FactSet consensus of 3.7% growth, but is maintaining its earnings-per-share guidance; the FactSet consensus is $1.70. Thes tock has soared 83.6% over the past 12 months through Tuesday, while the S&P 500 has gained 25.8%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 15, 2020 06:43 ET (11:43 GMT)
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