Target Sees Soft Sales

It sees November comps below its 4% to 6% growth range.
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Target

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rained on retail's parade Monday, warning that its November sales results would be lower than previously expected.

The No. 2 discount retailer in the U.S. behind

Wal-Mart

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said in a recorded call that based on its results for the first two weeks of the month, and its projections, it expects "comparable-store sales for the full month to be below our planned range."

Target had previously said it was expecting comparable-store sales, or sales at store open at least a year, to increase by 4% to 6% in November compared to the same month last year.

That news followed solid earnings and upbeat holiday outlooks from Wal-Mart and

Lowe's

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earlier in the trading day. Traders had viewed the reports as a bullish sign for consumer spending going into a holiday season whose success is threatened by soaring energy prices and rising interest rates.

Target's warnings is particularly ominous given the company's recent history as a top performer among major retail chains.

Target shares were recently down $2.60, or 4.4%, to $55.83 in after-hours trading.