Macy's, Inc.

Target cuts profit, sales outlook after bumpy holiday season

Target cut its fourth-quarter profit and sales outlook after sluggish holiday traffic in its stores and weak sales in key areas like electronics and food offset a surging online business.

The holiday season was disappointing for Target and several other retailers trying to be more nimble in a changing landscape where online leader Amazon.com sets the rules. Macy's, Sears and others have announced store closings and layoffs.

Target said revenue in its signature categories —clothes, home, wellness and toys — increased in November and December. But electronics and entertainment were a weak spot, as well as food and essentials. Target has been struggling to find...

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