Key Nov. sales figure falls at Target
MINNEAPOLIS (AP) — Target says a key revenue figure fell 1 percent in November, hurt by weak sales in the first two weeks of the month.
Analysts surveyed by Thomson Reuters had expected a 2.1 percent rise. Its shares fell 3 percent in premarket trading.
The decline comes in the midst of the crucial two month holiday season, when retailers can make up to 40 percent of annual revenue.
The Minneapolis-based company says total revenue for the four weeks ended Nov. 24 was nearly flat at $6.18 billion.
The company says weak sales early in the month offset stronger sales later. The South was its strongest region, while the Northeast, hard hit by Superstorm Sandy, was weaker.
Target Co. forecast a low-single digit percentage increase in December revenue at stores open at least one year.