image credit: Flickr

Target shares plunge as holiday sales miss estimates on weakness in toys and electronics

January 15, 2020


Target had been expected to be a standout among retailers for holiday sales, but the big box retailer reported disappointing results Wednesday.

Its shares tumbled 7% on the news. Walmart, which hasn’t reported holiday results, also traded lower, down 1.8%.

Target said same-store sales during November and December were up just 1.4%, compared with growth of 5.7% a year earlier.

The company said that despite missing the mark, it is maintaining a prior outlook for fourth-quarter earnings. It also said the final three months of 2019 remains on track to mark Target’s 11th consecutive quarter of same-store sales gains.

Read More on CNBC