Australia's Wesfarmers says sales at Kmart and Target stores down in recent weeks By Reuters

Australia's Wesfarmers says sales at Kmart and Target stores down in recent weeks

Stock Markets Apr 27, 2020 07:15PM ET

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Australia's Wesfarmers says sales at Kmart and Target stores down in recent weeks

(Reuters) - Australia's Wesfarmers Ltd (AX:WES) said on Tuesday that in-store sales had fallen in recent weeks at both its discount department stores, Kmart and to a larger extent, Target (NYSE:TGT), as the coronavirus outbreak kept shoppers indoors.

While sales growth across the third-quarter at both operations was largely in-line with what was seen in the first-half, momentum at Kmart had recently moderated while Target's sales faced a significant decline, the conglomerate said.

"Given the high degree of fixed occupancy costs, a sustained decline in sales momentum will have a material impact on the profitability of Kmart and Target," Wesfarmers added.

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