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“Target reported disappointing Q2 earnings on Wednesday, and management placed part of the blame squarely on Apple,” Rayhanul Ibrahim reports for Yahoo Finance.
“Comparable store sales at Target overall fell by 1.1%, but Target executives noted that electronic sales decreased by double digits and ‘accounted for 70 basis points [0.7%] of overall comp decline,’” Ibrahim reports. “Even more notably, Target specifically pointed out that Apple product sales were down by ‘more than 20%’ year-over-year and were to blame for a third of the overall plunge of electronic sales at Target.”
“Interestingly, Apple’s own Q2 earnings showed a more positive story, and possibly indicated they may not be as incentivized as Target to act in good faith — iPhone sales decline by 15%, iPad by 9%, and Macs by 11%. Bad for sure, but much better than what Target’s tracking shows.”
Read more in the full article here.
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