Target Posts Small Holiday Shopping Gain
Discount retailer Target said December sales at its stores open at least a year rose 0.6 percent, adjusted for a calendar shift, compared with analysts' expectation for a gain of 0.2 percent.
Not taking into account the calendar shift, it said same-store sales fell 5 percent in December, compared with Wall Street forecast for a 4.9 percent decline, according to Reuters Estimates.
Last month, Target lowered its forecast for December sales forecast, saying it expected same-store sales in the range of down 1 percent to up 1 percent, adjusted for the calendar shift. The discount retailer had originally forecast December same-store sales would rise 3 to 5 percent on an adjusted basis.
Sales for the five weeks ended Jan. 5 increased 0.1 percent to $9.26 billion from $9.25 billion in the comparable period a year before.