Target sales lower than expectedby Martin Moylan, Minnesota Public Radio
ST. PAUL, Minn. — Sales at Target Corp. stores last month were lower than expected.
The company posted June sales results that trailed analysts' estimates, as consumer confidence cooled and retailers focused on clearing inventory before the back-to-school shopping season.
Sales at stores open at least one year -- a key retail industry benchmark -- rose 2.1 percent, falling short of the 2.8 gain expected by Wall Street analysts.
Confidence among U.S. consumers dropped in June for the fourth consecutive month amid concerns the labor market will remain weak.
Target's sales had been better than expected in May. Chief Executive Officer Gregg Steinhafel says the company remains on track to meet its second-quarter sales and earnings projections.