Target's holiday comparable sales rose marginally, shares tank

(Reuters) – Target Corp (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 (N:), J.C. Penney (N:) and Macy’s (N:) said sales fell during the November-December period.

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