Target Holiday Sales Miss the Mark
Target’s shares fell 7% on the news that its holiday sales had fallen short of estimates, growing just 1.4%, compared to 5.7% last year. The results came as a surprise, as analysts had expected bigger things from Target this holiday season. Target cited weakness in its toys and electronics categories, but CEO Brian Cornell said the retailer would maintain its guidance.
CEO Brian Cornell said Target “faced challenges throughout November and December in key seasonal merchandise categories.”