Target Mirrors Wal-Mart’s Slow February Amid Tax Increase
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Target Corp., the second-largest U.S. discount chain, said sales this month started slowly as shoppers face higher gas prices and payroll taxes, mirroring what Wal-Mart Stores Inc. reported last week.
Wal-Mart, the world’s largest retailer, said on Feb. 21 that same-store sales this quarter will be little changed because of a slowdown this month. Target today said revenue by that measure for the first quarter may also be little changed or gain as much as 2 percent. The retailer said revenue for the year would advance about 2 percent, trailing analysts’ estimates for an increase of 3.9 percent.