Target Conservative in Holiday Season Expectations

Target Corp. (TGT) is conservative in its expectations of holiday spending this year.

Target's CEO Gregg Steinhafel said that sluggish consumer spending an ailing economy may weaken holiday purchases, Reuters reported.

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Consumer spending has strengthened several times, only to fall back again later, Steinhafel said.

"It's like a game of whack-a-mole," Steinhafel said.

Still, Target is more hopeful than rival Wal-Mart Stores (WMT). Bill Simon, Wal-Mart's CEO for the United States, said adults could expect to receive basic gifts only this year.

"I don't believe it is going to be a socks and underwear Christmas," Steinhafel said.

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