UPDATE 2-Australia Wesfarmers' department store sales sag, shares drop [Reuters]
Target Corporation (TGT)
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Source: Reuters
Australia Wesfarmers' department store sales sag, shares drop | Reuters 3 Min Read SYDNEY (Reuters) - Australian retail conglomerate Wesfarmers Ltd ( WES.AX ) warned on Monday that its discount department stores made slower-than-expected sales over Christmas, sending its shares sliding to a one-month low and auguring badly for rival retailers. The company, far more exposed now to discretionary spending since spinning out and separately listing its supermarket chain, Coles Group Ltd ( COL.AX ), in November, said same-store sales at Kmart for the six months to end-December slipped 0.6 percent, falling for the first time in seven years. Clothing sales, particularly womenswear, weakened in the crucial months of November and December while exiting the low-margin DVD category shaved about a percentage point from sales, Wesfarmers said in a trading update. Sales at its similar store, Target, rose modestly by 0.5 percent, it added. The slowdown follows profit warnings from clothing and out
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