Target forecasts tepid 2020 profit as online growth slows
) posted its slowest increase in quarterly online sales in nearly two years last month and forecast growth to slow further this year. In contrast, Amazon logged record sales for the holiday season.
“Clearly, it was not the quarter the company was hoping for,” said Ken Perkins, founder of research firm Retail Metrics. Perkins said previous high online growth rates at Target and Walmart would be difficult to achieve again as the businesses grow larger in scale and as Amazon eats into their pie, especially during the crucial holiday quarter.
Analysts had lowered their estimates from $23.90 billion after the company reported disappointing sales for the crucial November-December shopping season in January.
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