Business Raise comparable holiday sales Target slightly, tank shares

Raise comparable holiday sales Target slightly, tank shares

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vas ()) (0 ((em em em em em em em em em em em em em em em em em em em em "on the face of the year". t (Reuters) – Target Body on Wednesday, it lost its own expectations for the 2019 holiday season sales, blaming a weakness in sales and electronics sales for growth of just 1.4% which put shares in the lower retailer sharply.

"While we knew that this season was challenging, it was more challenging than we expected," said Chief Executive Officer Brian Cornell.

Digital sales grew by 19% compared to the 29% increase in 2018, Cornell, calling the reporting numbers as "severe miss".

"canvas-usvas-text" (m) (m) (m) – sm Mt (0) – sm "type" text "content" including Kohl's , J.C. Penney and Macy's "data-reactid =" 25 "> Only US retailers, including Kohl & #, have a number of deadlines per week. 39 's , J.C. Penney and Macy's They reported lower sales for the key shopping period, raising doubts about the wider health of the retail sector.

The holiday season, showing the busiest time for retailers and recording most of the sales during the year, was six days shorter in 2019 as the Thanksgiving came later than usual.

Target stated that lower growth in categories such as toys, electronics and domestic products, which include a higher proportion of sales during the holidays, had a greater impact on total sales growth.

The company now expects that its fourth quarter quarter quarter sales will be in line with its growth in holiday periods of 1.4%, in addition to its previous range, 3% to 4% growth. He kept his forecast for the full year profit.

(=) M em em em em em em em em em em em em em em em em em em em em em em em em em em em em em em em em em em em (em) Walmart Inc about 2% in pre-market trading. "data-reactid =" 29 "> Company shares fell 8% and Walmart shares about 2% in pre-market trade.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli)

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