Target had been expected to be a standout among retailers for holiday sales, but the big-box retailer reported disappointing results Wednesday.

Its shares tumbled 7% on the news. Walmart, which hasn't reported holiday results, also traded lower, down 1.8%.

Target said same-store sales during November and December were up just 1.4%, compared with growth of 5.7% a year earlier.

The company said that despite missing the mark, it is maintaining a prior outlook for fourth-quarter earnings. It also said the final three months of 2019 remains on track to mark Target's 11th consecutive quarter of same-store sales gains.

Target said it found strength in apparel and beauty, while lackluster performance in key holiday categories like electronics, toys and parts of its home business offset those gains.

CEO Brian Cornell said Target "faced challenges throughout November and December in key seasonal merchandise categories." But "because of the durability of our business model, we are maintaining our guidance for our fourth quarter earnings per share."

"While we knew this season was going be challenging, it was even more challenging than we expected," Cornell added in a separate blog post.

Especially this holiday season, Target was expected to be a winner in the toys category. The company has been devoting more square footage in stores to toys, following Toys R Us' liquidation. It has partnered with Disney to open mini Disney shops within certain Target shops. Target also is now powering the website of the Toys R Us brand that has relaunched post bankruptcy.

But this holiday season, Target said toy sales were about flat with the prior year. The company did say, however, that it continued to gain market share in toys throughout the holidays, based on tracking data provided by The NPD Group.

Target said electronics sales were down more than 6% in November and December, while sales of home items were down about 1%. Apparel sales were up about 5%, beauty sales inched up roughly 7%, and food and beverage sales climbed about 3% during the holiday period, according to the company.

Overall in the retail industry, sales of electronics and appliances grew 4.6% from Nov. 1 through Dec. 24, while the home furniture and furnishings category was up 1.3%, according to a separate analysis of purchases by Mastercard Spending Pulse. The firm said the apparel category grew just 1%, while department store chains saw their overall sales drop 1.8%.