Target fourth-quarter same-store sales drop more than expected

Markets Reuters

FILE PHOTO - A newly constructed Target store is shown in San Diego, California May 17, 2016. REUTERS/Mike Blake/File Photo (Copyright Reuters 2017)

Target Corp reported a steeper-than-expected decline in quarterly same-store sales on Tuesday, highlighting the retailer's struggles in the holiday season.

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Net income slumped to $817 million, or $1.45 per share in the fourth quarter ended Jan. 28, from $1.43 billion, or $2.32 per share, a year earlier.

Sales at stores open for at least a year fell 1.5 percent, missing the average analyst estimate of a decline of 1.3 percent, according to research firm Consensus Metrix.

Net sales fell 4.3 percent to $20.69 billion, Target's sixth straight quarterly decline.

(Reporting by Richa Naidu in Bengaluru; Editing by Savio D'Souza)