New York: A shopping boost on the day after Thanksgiving as consumers turned their thoughts to the holiday season couldn't save a weak November for most retailers, fueling more concerns about a bleak December and beyond amid what could be a deep and long recession.

As merchants reported their November sales figures today, disappointments cut across all sectors as shoppers worried about layoffs and shrinking retirement funds focus on necessities. Among the beneficiaries of that was Wal-Mart Stores Inc, which posted sales results that beat Wall Street estimates and predicted that sales for established stores for the current month should be at the high end of estimates.

However, Costco Wholesale Corp, usually a strong performer, reported a bigger-than expected sales decline. And mall-based stores such as teen stalwart Abercrombie Fitch Co, Kohl s Corp and Macy's Inc fared much worse, reporting percentage declines of over 10 per cent.

"It looks like Black Friday gave a modest boost so instead of sales being miserable they are just terrible," said Ken Perkins, president of research company RetailMetrics LLC December and beyond will prove a big challenge for retailers, he said, since there's "no near-term catalyst to loosen purse strings." According to Thomson Reuters, 11 retailers beat estimates, while 12 missed expectations. The tally is based on same-store sales, or sales at stores opened at least a year, which are considered a key indicator of a retailer's health.

Source : PTI