Target Lowers September Same-Store Sales Forecast
Discount retailer Target warned on Monday that September sales at stores open at least a year would be well below its prior forecast due to weak customer traffic, particularly in Florida and the U.S. Northeast.
The company's shares fell 3.7% in extended trading following the announcement.
On a recorded message, Target said it expects same-store sales to rise between 1.5% and 2.5% for the five weeks ending Oct. 6.
Earlier this month, the No. 2 U.S. discount retailer after Wal-Mart
In recent months, declining home values, high fuel costs and rising prices for groceries have led consumers to cut back on shopping and retailers, including Target and Wal-Mart
Also on Monday, home improvement retailer Lowe's warned its full-year profit could trail its prior forecast, saying dry conditions in some parts of the United States were hurting sales. Lowe's has also been hurt by a slowing U.S. housing market.
Target shares fell to $61.93 in extended trading after closing at $64.30 on the New York Stock Exchange.
The company said it will report September sales results on Oct. 11.