Big box retailer Target Corp. (NYSE: TGT) posted a same-store sales gain of 1.6% for December, well short of the consensus estimate of 3.1%. This compares with a 7% same-store sales gain at Costco Wholesale Corp. (NASDAQ: COST). Wal-Mart Stores Inc. (NYSE: WMT) does not provide monthly reports.
Target’s CEO had this to say about the December results:
December sales were below our expectations as growth in Grocery and Beauty offset softness in Electronics and Music, Movies & Books. Sales and traffic were strongest in the week leading up to Christmas as guests waited to shop for last-minute gifts.
The company also lowered its fourth-quarter diluted EPS guidance from $1.43-$1.53 to $1.35-$1.43.
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