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Target's Apple product sales down 20% in Q2

Aug. 17, 2016 2:22 PM ETTarget Corporation (TGT) StockTGT, AAPLBy: Eric McCaffrey, SA News Editor68 Comments
  • Target's (TGT -6%) chairman and CEO Brian Cornell on the company's Q2 earnings call noted a double-digit electronics segment revenue decline (0.7% of overall decline), attributing lower Apple (AAPL -0.2%) device sales to a third of the pressure.
  • Asked by Goldman Sachs analyst Matt Fassler if the decrease was a result of soft iPhone sales, Brian Cornell asserted the problem to be a "broader story across the product suite." He further indicated: "Our guests come to us looking for those products. They are looking for the newness and the innovation and we are putting together plans with Apple and our merchandising teams to make sure we are ready to take advantage of that in the back half of the year."
  • Apple recorded 40.399M iPhone units shipped in its most recent reported quarter vs. 51.2M for the year-ago period. iPad units shipped were 9.95M vs. 10.9M for the quarter before.
  • The long-awaited iPhone 7 is expected to go on sale next month and the anxiety surrounding the extended refresh cycle of Apple's bellwether device is looking for relief.

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