Discount retailer, Target Corporation (
) reported a decline in November sales on Thursday.
The company reported revenue for the four weeks ended November
24 of $6,183 million, down 0.1% from last years revenue of $6,191
million. Additionally, November store sales declined by 1
Gregg Steinhafel, chairman, president and chief executive
officer for the company commented, "November sales were below our
expectations, reflecting weaker-than-planned sales performance in
the first two weeks combined with stronger sales growth across all
channels later in the month. Profitability for the month remained
on plan, reflecting our efforts to balance thoughtful price
investments in an intensely competitive environment with our
continued focus on driving sales. With the upcoming launch of the
Target/Neiman Marcus Holiday Collection, our unique assortment of
exclusive, affordable merchandise and the compelling benefits of 5%
REDcard Rewards and our Holiday Price Match, we believe Target has
the right plans in place to allow our guests to shop with
confidence throughout the holiday season."
Target shares were down -$1.22, or -1.94% during premarket
trading Thursday. The stock is up 21.67% YTD.
The Bottom Line
Shares of Target (
) have a 2.29% dividend yield, based on last night's closing stock
price of $62.81. The stock has technical support in the $58 price
area. If the shares can firm up, we see overhead resistance around
the $64-$66 price levels.
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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