Retail same-store sales fall, but Wal-Mart surprises

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By Brad Dorfman

CHICAGO (Reuters) - Many leading U.S. retailers reported lower November sales at established stores as a rush of bargain seekers at the start of the holiday shopping season were unable to save the month.

Key exceptions included Wal-Mart Stores Inc , which beat Wall Street expectations and reported record sales of grocery items near the Thanksgiving holiday as it drew in more consumers looking for low prices.

Several clothing retailers, including Gap Inc and Hot Topic , also performed better than analysts had forecast.

November is expected to show the second consecutive monthly decline in retail sales as consumers facing a recession, job losses and tight credit cut spending on all but the most essential items.

A shift in the calendar that cut a week of post-Thanksgiving holiday shopping from November results also cut into sales.

Aggressive discounts and deals helped lure consumers into stores on Black Friday, the day after Thanksgiving that kicks off the key holiday shopping season, but that was the lone bright spot for most retailers.

Sales on Black Friday, which fell on November 28 this year, were a little better than expected, said Ken Perkins, president of research firm Retail Metrics.

"It caused the early (November) results to just simply be miserable instead of terrible," he said.

Of 24 retailers that have reported November sales so far, half missed estimates, while 11 beat them, according to Thomson Reuters data. Clothing retailer Gap was one of the biggest surprises, with same-store sales down less than expected at 10 percent.

Wal-Mart posted a 3.4 percent increase in its namesake U.S. stores open at least a year, compared with a Wall Street forecast for a 2.1 percent rise.

CUTTING PRICES, PROFITS

Retailers have offered aggressive discounts to clear excess merchandise, so analysts have been expecting the sales they do ring up during the holiday season to eat into profits.

"I think the retailers felt like they really needed to put shoppers in a shopping mood, and they clearly did that," said Darrell Rigby, head of the global retail practice at consulting firm Bain & Co. "Most of the retailers that I have talked to felt good about the Thanksgiving weekend."

But the rest of the month was a tough one for retailers, analysts said. And even the Black Friday boost was short-lived.

"While we generated strong sales on Black Friday due to special promotions that helped to drive traffic, sales tapered off over the weekend," said Jim Famalette, CEO of department-store operator Gottschalks Inc .

Analysts on average forecast a 2.4 percent overall decline in same-store sales for November, according to Thomson Reuters. That would be the worst monthly drop in the eight years Thomson Reuters has tracked sales estimates.

Costco Wholesale Corp posted a 5 percent same-store sales decline, but that was largely due to falling prices for the gasoline it sells and a strengthening U.S. dollar, which cuts sale overseas.

Food sales and sales of televisions were strong for the warehouse club. Excluding foreign exchange and gasoline, the company said same-store sales would have been up about 3 percent.

Women's clothing companies have been some of the worst performers during the downturn, and November showed more of the same for many of them. Limited Brands Inc posted a 12 percent decline in same-store sales.

Department stores have also been laggards. Bon-Ton Stores Inc posted a 16 percent same-store sales drop, and Gottschalks reported a 13 percent decline.

Teen retailer Hot Topic, which is featuring merchandise based on the hit vampire romance movie "Twilight," posted a 6.5 increase in same-store sales and said it now expected quarterly earnings at the high end of its forecast range.

Meanwhile, The Buckle Inc , which sells jeans and other clothes and accessories to young adults, posted a 15 percent increase in same-store sales.

On the kids' front, Children's Place Retail Stores Inc posted a worse-than-expected 7 percent same-store sales drop.

(Additional reporting by Jessica Wohl and Nicole Maestri; Editing by Lisa Von Ahn)

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