TGT 29.35 ask
Down $2.33 from yesterday
More to come
Sales down sharply
DEC will come in at the low end of forecast, at best.
They have seen their glory days.
Message 18340891
To:scottonstocks who wrote (5125)
From: scottonstocks Monday, Dec 16, 2002 11:12 AM
Respond to of 5138
TGT 31.68 bid
Short term short
Selling crap and lending buyers money to do so, and now they're defaulting.
Target shares slump after poor sales week
Tuesday December 17, 10:04 am ET
CHICAGO, Dec 17 (Reuters) - Shares of retailer Target Corp. (NYSE:TGT - News) slipped nearly 6 percent Tuesday after the discount and department store operator said its sales were well below expectations so far in December, the biggest holiday shopping month.
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Minneapolis-based Target, which operates its namesake discount stores as well as Marshall Field's and Mervyn's department stores, on Monday after the bell cited slack demand for sporting goods and men's and women's clothing for disappointing sales last week.
Britt Beemer, a consumer expert and head of research firm America's Research Group, said his latest survey found that more people shopped at bankrupt discount retailer Kmart Corp. (NYSE:KM - News) last weekend than at Target.
Based on his survey of 1,003 consumers on Sunday night, Beemer found that 43.1 percent of U.S. consumers went shopping last weekend, with half going to Wal-Mart Stores Inc. (NYSE:WMT - News). Kmart was a strong second with 21.1 percent, followed by Sears, Roebuck and Co. (NYSE:S - News), J.C. Penney Co. Inc. (NYSE:JCP - News) and then Target.
Target, among the most actively traded shares, saw its stock fall about 6 percent, or $1.95 at $29.85 in early New York Stock Exchange trading, underperforming the Standard & Poor's retailing index (^GSPMS - News), which was down 0.9 percent.
While analysts are still counting on a strong surge of last-minute shoppers to take up the slack, Beemer said his survey found 44.7 percent of consumers have finished their holiday shopping -- slightly ahead of last year's pace.
"Given the importance of the upcoming week leading up to Christmas, we believe that Target could achieve the low end of plan," Deborah Weinswig, retail analyst with Salomon Smith Barney, said in a research note.
Target is forecasting sales at stores open at least one year will increase 3 percent to 5 percent in December.
biz.yahoo.com |
