Target's holiday sales rose 1.4%, below company estimates, as toys and electronics sales disappoint
Target said its same-store sales were up just 1.4% during the holidays, compared with growth of 5.7% a year ago.Target says its electronics business and parts of home underwhelmed, while it reported gains in apparel and beauty.Shoppers pack an aisle during a Black Friday sale at a Target store, Friday, Nov. 23, 2018, in Newport, Ky.was expected to be a winner this holiday season, amidst a sea of disappointing reports.
The company said that, despite missing the mark, it is maintaining a prior outlook for fourth-quarter earnings. It also said in a press release that the fourth quarter of 2019 remains on track to mark Target's eleventh consecutive quarter of same-store sales gains. Target said it found strength in apparel and beauty, while lackluster performance in key holiday categories like electronics, toys and parts of its home business offset those gains.
CEO Brian Cornell said Target "faced challenges throughout November and December in key seasonal merchandise categories." But "because of the durability of our business model, we are maintaining our guidance for our fourth quarter earnings per share." Especially this holiday season, Target was expected to be a winner in the toys category. The company has been devoting more square footage in stores to toys, following Toys R Us' liquidation. It has partnered with
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