NEW YORK (TheStreet) -- The reality of the holiday season -- soft sales and deep promotions -- is finally being revealed.
Disappointing outlooks from several retailers, including Target(TGT), sent shares of the retail sector in the red on Tuesday. The S&P Retail Index is falling 1.8% to 402.66. The discounter posted an 18% jump in its third-quarter profit, but still remains wary of the holiday season. "In light of the current and projected economic environment and expectations for a highly promotional holiday season, Target remains cautious about fourth-quarter performance and is planning conservatively in both business segments," the company said in a statement. As a result, shares of Target are falling 3.2% to $48.68 in afternoon trading. One of the biggest decliners is Pacific Sunwear of California(PSUN), after it, too, reported an ugly fourth-quarter outlook.- Loading Comments...
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