Target December revenue trailed projections
Minneapolis (AP) — Target Corp. says a key revenue figure edged up 0.9 percent in December but fell well short of analyst expectations. Its shares tumbled 5 percent in pre-market trading.
Target says weakness in electronics, toys and some home categories offset strength in grocery and apparel items.
Analysts surveyed by Thomson Reuters had expected a rise of 4 percent. Target's shares skidded $2.94 lower to $56 in pre-market trading.
The discounter continues to expect revenue in stores open at least one year to rise 2 percent to 4 percent in the fourth quarter and said analyst expectations for earnings of $1.40 per share is achievable.
Total sales for the five weeks ended Jan. 1 rose about 1 percent to $9.88 billion.
Revenue at stores open at least a year is considered a key indicator of a retailer's performance.
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