Name: Target Is Predicting a Decrease in Holiday Sales
Uploaded: 2016-08-17
Duration: 59 s
Description: Causing shares to drop

Target Is Predicting a Decrease in Holiday Sales

target shares are down 4% after it reported a 1.1% decline in comparable sales in the second quarter and lowered its forecast for the rest of the year, including the busy holiday shopping season. CEO Brian Cornell said the company is planning for a challenging environment in the back half of the year. The company projects comparable sales to fall as much as 2% while comparable sales rose in categories where Cornell had previously said Target must win, like health and wellness baby products and stylish apparel and housewares. Digital sales growth slowed from 23% in the previous quarter to only 16% targets. Net income fell from $753 million to 680 million in the second quarter, or $1.16 per share, and total sales fell more than 7% to 16.7 billion. But much of that was due to the company selling its pharmacy business to CVS Health