Target, Family Dollar Send Sales Warnings
Dec 7, 2007 8:00 AM
MINNEAPOLIS — Target Corp. here and Family Dollar Stores on Thursday separately reported softer sales than anticipated during the month of November, with both companies warning that the disappointing performance could impact their respective quarterly earnings reports. Target in a statement said comparable-store sales for the four-week period ending Dec. 2 were up by 1.1%, with a sales “shortfall” occurring in the week following Thanksgiving. “These sales trends would need to meaningfully improve in December in order to achieve fourth-quarter earnings growth,” the company said in a statement. Matthews, N.C.-based Family Dollar reported comps of negative 3.4% for the same period, saying sales of discretionary items were down and likely to continue due to economic pressures on the chain’s middle- and lower-income shoppers. Stocks in both companies were down by more than 7% Thursday.
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