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Retailer Sales Fell Far Short In November; Holiday Buying Starts Weak.(A)
Byline: MARILYN MUCH
The nation's retailers reported weak November sales on Thursday, suggesting only a moderately cheery holiday sales season.
Overall, chains' same-store sales rose a disappointing 1.7% over last year. That's the weakest since August, when they rose 1.3%. Last year's November same-store sales were up a healthy 3.7%.
"The early read on the holiday season isn't encouraging," said Michael Niemira, chief economist for the International Council of Shopping Centers.
Performance was weak from Ann Taylor to Wal-Mart. A hefty 44% of the 70 chain stores that Niemira tracks saw declines. As a result, Niemira has slashed his November-December same-store sales growth forecast to 2.5% to 3% from 3% to 4%.
Consumers were bargain-hunting, but didn't follow through with other purchases, Niemira said. And they used the Internet and catalogs to a greater degree at the start of the holiday season.
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