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Target cuts Q4 forecast due to weak holiday sales
January 18, 2017 / 12:17 PM / 10 months ago

Target cuts Q4 forecast due to weak holiday sales

Jan 18 (Reuters) - Target Corp lowered its comparable store sales and earnings forecasts for the fourth quarter, citing softer-than-expected holiday sales.

The company said comparable sales declined 1.3 percent in the November-December period.

Target said it now expects fourth-quarter comparable sales to fall between 1.0 percent and 1.5 percent, compared with its prior view of sales ranging between a decline of 1 percent to an increase of 1 percent.

The company’s shares were down 4.9 percent at $67.50 in premarket trading on Wednesday. (Reporting by Aravind K in Bengaluru; Editing by Savio D‘Souza)

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