January 15, 2020 / 11:42 AM / 12 days ago

Target's holiday comparable sales rose marginally, shares tank

Jan 15 (Reuters) - Target Corp on Wednesday reported comparable sales growth of just 1.4% for the 2019 holiday season on the back of weak demand for electronics, toys and home products, sending shares in the retailer 8% lower.

“We faced challenges throughout November and December in key seasonal merchandise categories and our holiday sales did not meet our expectations,” Chief Executive Officer Brian Cornell said in a statement.

Last week, mall-based chains Kohl’s, J.C. Penney and Macy’s said sales fell during the November-December period.

Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli

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