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Target joins other major retailers in reporting negative holiday numbers

Major retailers’ holiday sales figures are trickling out this week, the Associated Press reports, and the dismal reports confirm this was the worst holiday season for retailers in four decades.
Target joined the chorus this morning, reporting same-

Major retailers’ holiday sales figures are trickling out this week, the Associated Press reports, and the dismal reports confirm this was the worst holiday season for retailers in four decades.

Target joined the chorus this morning, reporting same-store sales fell 4.1 percent for December. That’s better than analysts expected, the AP notes. Thomson Reuters predicted Target would see a 9.1 percent drop.

In the company’s statement, CEO Gregg Steinhafel sounded as upbeat as you could expect a retailer to be in this economy.

“The decline in our December comparable store sales was in line with our planned range, reflecting stronger results in the last two weeks of the month,” he said.

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The release also notes that Target reduced prices to gain market share and clear out inventory at the end of the year, which will further stress fourth quarter profits.