NEW YORK (AP) - Wal-Mart Stores Inc. issued a sobering warning for the holiday shopping season Thursday, predicting its December same-store sales gain would be no better than 1 percent. The news, coupled with Wal-Mart's expected announcement that it suffered its first same-store decline in more than 10 years during November, came as the nation's retailers reported an overall mixed sales performance for the month. Same-store sales reflect business at stores open at least a year and are the industry standard for measuring a retailer's strength.
The nation's largest retailer reported a 0.1 percent dip in same-store sales. Including a drop in gasoline revenues from its Sam's Club division, which Wal-Mart did not include in its calculation, same store-sales fell 0.3 percent.
Wal-Mart has struggled in recent months from a mix of problems, including the fact that its lower-income customers were hurt by soaring gas prices. But the company's lackluster sales have persisted even as the cost of gas eased, an indication that shoppers are turning away from merchandise like apparel, and sticking with basics like food and consumer products.
