MINNEAPOLIS — Target executives revealed that holiday sales were worse than expected and lowered their outlook for fourth-quarter results.
Comparable sales in November and December dropped 1.3 percent as the retailer continued to get less traffic to its stores, a trend that started last spring. Online sales were strong but could not make up for lost ground in stores.
Target said it now expects comparable sales in the quarter to be down 1 to 1.5 percent. Its previous forecast was for sales in the range of up 1 percent to down 1 percent.
It also expects adjusted earnings per share in the range of $1.45 to $1.55, compared with its previous guidance of $1.55 to $1.75.