Target stock price falls 7% on weak holiday sales, cut forecast - Business Insider

📆 15/01/2020 19:21:00
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Target slips 7% after a weak holiday season forces it to slash sales forecast by more than half

fell by as much as 7% in early trading Wednesday after the retailer reported that its holiday sales were much lower than Wall Street expected. The company also lowered its guidance for sales going forward.

Target's weak holiday sales numbers come amid dismal results from similar stores, including Kohl's, JCPenney, and Macy's, and underscore an increasingly tough backdrop for retailers. The results also foreshadow more potential pain ahead — shares of Walmart, which reports holiday sales next month, traded down as much as 2.4% Wednesday.

"We also remain on track to deliver historically strong full-year results in 2019, including comparable sales growth of more than 3 percent and record-high EPS reflecting mid-teens growth compared with last year," he said.

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