In news that doesn't bode well for a US president who (falsely) claimed that the 2019 holiday shopping season was "the biggest in US history", Target said Wednesday that same-store sales during November and December were up a paltry 1.4%. That is a disaster compared to the previous year's 5.7% boost.
"We faced challenges throughout November and December in key seasonal merchandise categories and our holiday sales did not meet our expectations", CEO Brian Cornell lamented.
The market was profoundly displeased with this. The shares plunged nearly 10% in the premarket.
Mercifully, the company isn't cutting its profit guidance.
"However, because of the durability of our business model, we are maintaining our guidance for our fourth quarter earnings per share", Cornell went on to say, adding that the company "remain[s] 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".
That's all fine and good, but the holiday sales bit is disconcerting for a US economy which, at a time when business spending is constrained by rampant trade and politic
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