AP Business Writer
Comparable store sales at Target fell well below the previous year, joining a growing list of retailers reporting meager performances during the critical holiday shopping season.
The company on Wednesday cut its expectations for sames-store sales growth for the entire quarter. Shares fell more than 6% before the opening bell.
Target experienced weaker-than-expected sales of electronics, toys and home goods. Comparable sales climbed 1.4% in the November-December period, compared with a very strong 5.7% increase a year earlier.
Digital sales rose 19%, also down from last year’s jump of 29%.
Target Corp., based in Minneapolis, said it now foresees fourth-quarter comparable sales growth in line with the 1.4% increase it experienced during the holiday period. It had previously forecast a rise of between 3% and 4%.
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