US retailers delivered mixed sales results for December, the year's key shopping month, with upscale stores faring well but many others slashing prices, squeezing profits.
Wal-Mart Stores, the world's biggest retailer, said sales at US stores open at least a year - a key gauge known as same-store sales - rose 3%, at the top of its outlook, with sales of food stronger than sales of general merchandise. The gain compared to a 4.3% rise a year earlier as the pace of US sales overall slowed from last year.
Wal-Mart had cut its outlook for December early in the season, with high energy prices and sluggish jobs growth crimping lower income earners' spending.
Costco Wholesale, the No. 1 warehouse club, posted better-than-expected US same-store sales, up 8% on across-the-board gains, continuing a run of upbeat results.
But elsewhere the losers were many and varied. Pier 1 Imports said its December same-store sales fell a larger-than-expected 8.8%, and the home furnishings retailer, struggling with hefty competition, cut its estimate for fourth-quarter earnings for a second time.
Best Buy, the No 1 US electronics chain, just missed its sales target, with same-store sales rising 2.5% versus a forecast for 3-5%.
Analysts said the season, which represents about 23% of annual retail sales, would have been worse if retailers had not cut prices, triggering a late rush to stores, and without the growth in online and gift card sales.
