Target's Holiday Season Comparable Sales Come Up Short; Electronics Off 6%
Target shares fell 6.6 percent to $117 Wednesday after a November-December report showing comparable sales growth of 1.4 percent, well below a November forecast of 3-4 percent growth. Electronics sales were down 6 percent. Comp sales growth for the year-ago…
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period was 5.7 percent. Comparable digital sales grew 19 percent over the two-month period, while Target's three same-day fulfillment services -- order pickup, drive up and Shipt -- grew over 50 percent year on year, driving three-quarters of digital sales growth, it said. Strength in apparel, food and beverage, and essentials and beauty, was offset by softer-than-expected performance in key holiday categories including electronics, toys and home, which combined to make up a third of Target’s holiday season sales. The company maintained Q4 earnings-per-share guidance of $1.55-$1.75 per share.