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AP
Retailers Had Weak Sales in December
Thursday January 10, 8:41 am ET
By Anne D'Innocenzio, AP Business Writer

"It's weaker than expected," said Jharonne Martis, a retail analyst at Thomson Financial. "There's definitely a consumer spending slowdown." But she added that she's waiting to see how sales fare in January, when stores benefit from consumers redeeming their gift cards. Retailers don't record sales of gift cards until they are redeemed.

According to a preliminary sales tally by Thomson Financial, 19 retailers missed December projections, while nine beat forecasts and one met expectations. The tally is based on same-store sales, or sales at stores open at least a year, considered a key indicator of a retailer's health.

A number of chains, including Macy's, saw their sales depressed in December in part by a quirk in the calendar, which pushed the post-Thanksgiving shopping week into November rather than December. Analysts say it is best to look at the combined November-December figures to get a better picture.

Still, it was clear that the slowing economy made shoppers frugal during the holiday shopping season.

A big worry is the weakening of the job market,