Target Lowers October Sales Forecase

New York City, Target Corp. cut its outlook for October sales at stores open at least a year on Monday, the second month in a row the discount retailer has lowered its same-store sales forecast, as investors begin to focus on how the holiday sales season will measure up.

Target now expects same-store sales to rise 2% to 4%, down from a forecast earlier this month of an increase of 3% to 5%.

In a recorded message, the retailer said its reduced forecast was partly based on "greater-than-normal daily volatility and continued disappointing sales results for the first two weeks of October."