Target Shares Tumble As Sales Drop, Outlook Cut

by MR Magazine Staff

With sales still sluggish despite its turnaround plans, Target also lowered its expectations for comparable sales in the second half of the year. In both the third and fourth quarters of 2016, Target now expects year-over-year same-store sales change in the range of -2% to 0%. Shares of Target fell 6.7% in pre-market trading to $70.42. In a conference call with analysts Wednesday, Target CEO Brian Cornell said sales of electronic goods were weak, but the company “grew market share in the apparel space.” “We’ve seen pockets of slowness in the East Coast,” he said, adding business was better in the Western region. See more at USA Today.