Discount retailer, Target Corporation ( TGT ) 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 percent.
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 ( TGT ) 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.
Target Corporation( TGT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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