Target's holiday comparable sales rose marginally, shares tank
(Reuters) - Target Corp <TGT.N> on Wednesday reported comparable sales growth of just 1.4% for the 2019 holiday season on the back of weak demand for electronics, toys and home products, sending shares in the retailer 8% lower.
"We faced challenges throughout November and December in key seasonal merchandise categories and our holiday sales did not meet our expectations," Chief Executive Officer Brian Cornell said in a statement.
Last week, mall-based chains Kohl's <KSS.N>, J.C. Penney <JCP.N> and Macy's <M.N> said sales fell during the November-December period.
(Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli)
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