Retailers failed to live up to expectations in December according to the International Council of Shopping Centers on Thursday, which reported declines across the board.
The report suggests that retail sales in the United States declined 2.2% from November to December despite the organization's own forecasts for a 1.0% decline, and the ICSC expects another 1.0% monthly contraction in sales for January.
On an annual basis, same-store sales rose 1.0%, its worst showing on record.
The firm also reported that December same-store sales excluding fuel rose 1.7% on the year, short of expectations for a 2.9% gain, nothing that sales at Sam's Club and Wal-Mart International were trending lower.
The news comes after a string of releases from U.S. retailers, most of which missed expectations. The biggest disappointment was from Wal-Mart, which cut its fourth-quarter forecasts, with earnings per share from continuing operations between $0.91 to $0.94 despite the previous expectations of a range between $1.03 to $1.07.
By Erik Kevin Franco and edited by Nancy Girgis
©CEP News Ltd. 2009