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Nov. Retail Sales Fail To Meet Forecasts As Wal-Mart Price Cuts Divert Shoppers; Apparel Chains Hit Or Miss; Discounters, dept. stores and luxury retailers miss; Dec. is all about bargains.(A)
Byline: LISA SCHMEISER
If November sales are any indication, not a lot of people did their holiday shopping early.
Even with heavy discounts, retailers' same-store sales rose 3.7% in November vs. a year earlier, below Retail Metrics' forecast for a 3.9% gain. That ended a three-month streak of positive sales surprises.
The shaky results look better than November 2004 only because of the year-ago period's 1.7% gain.
"The (sales) strength was largely driven by promotions and did not provide as strong of a start to the holiday season as some retailers would have liked," said Michael Niemira, chief economist for the International Council of Shopping Centers.
Investors sold retail stocks early, but shares recovered as the overall market soared.
Wal-Mart reported solid 4.3% same-store sales growth in November, thanks to early and aggressive promotions.
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