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Target's holiday comparable sales rose marginally, shares tank

Credit: REUTERS/BEN NELMS

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.

Jan 15 (Reuters) - Target Corp TGT.N 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 KSS.N, J.C. Penney JCP.N and Macy's M.N said sales fell during the November-December period.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shinjini Ganguli)

((Nivedita.Balu@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 4822/ Twitter: @niveditabalu;))

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