Australia's Wesfarmers says sales at Kmart and Target stores down in recent weeks

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While sales growth across the third-quarter at both operations was largely in-line with what was seen in the first-half, momentum at Kmart had recently moderated while Target’s sales faced a significant decline, the conglomerate said.

“Given the high degree of fixed occupancy costs, a sustained decline in sales momentum will have a material impact on the profitability of Kmart and Target,” Wesfarmers added.