Target Forecast Sinks Retail Stocks

MINNEPAOLIS — Target Corp. here issued a statement this week saying that its December same-store sales could be down as much as 1% from year-ago levels, compounding what was already projected to be a season of sluggish growth for retailers. Target, which said its same-store sales sales for the five-week period ending Jan. 5 could fall in the range of -1% to 1%, had previously projected same-store sales gains for the period of between 3% and 5%. In trading yesterday, Target’s stock was down about 2.5%, to $51.16, as other retail stocks also traded lower.

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