MINNEAPOLIS, Aug. 17 (UPI) -- Target Corporation reported a 1.1 percent decrease in sales in the second quarter of 2016, leading to a 6.25-percent drop in stock price in pre-market trading Wednesday.
It also lowered its sales forecast for the end of 2016, including the holiday season. Target projected that its "comparable sales," a metric which ignores factors like store closings and the sale of its pharmacy business to CVS Health, could fall by up to 2 percent, and remain flat at best.
Sale in Target's core categories, including health and wellness, baby items, and housewares rose 2 percent in comparable sales in the most recent quarter. Its e-commerce business, though, slowed; Target has invested billions in an attempt to compete with Walmart and Amazon, and saw e-commerce sales rise 16 percent in the past quarter compared to 23 percent in the previous quarter.
Net income fell to $680 million in the second quarter of 2016, compared to $753 million in 2015's second quarter.
Stock shares were off 6.25 percent, at $70.76, late Wednesday morning.
