Posted at: 11/29/2012 10:39 AM
NEW YORK (AP) - Major retailers such as Kohl's, Target and Macy's are reporting weak sales in November as a strong Thanksgiving weekend wasn't enough to fully offset a slow start to the month caused by Superstorm Sandy.
Eighteen retailers reported that sales in November through last Saturday were up 1.7 percent compared with the year-ago period, according to the International Council of Shopping Centers. That's well below the anticipated forecast for a 4.5 percent to 5.5 percent gain.
The results are based on revenue at stores opened at least a year and are considered a key indicator of a retailer's health.
The holiday period, which runs roughly from November through December, accounts for as much as 40 percent of retailers' annual sales.
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