INTERNATIONAL – Target said on Wednesday it missed its own expectations for holiday season sales, citing weak demand for toys and electronics for growth of just 1.4 percent and dragging shares across the retail sector lower.
The industry bellwether’s strategy of improved merchandise, loyalty program, store layout, which resulted in three strong quarters this year and a record-breaking 2018 holiday period, fell short during the shorter-than-usual holiday season.
Comparable sales growth a year ago was 5.7 percent.
“While we knew this season was going be challenging, it was even more challenging than we expected,” Chief Executive Officer Brian Cornell said.
“A tough miss considering how hard our team worked all season long.”