Holiday Shopping Off To A Slow Start

The crucial holiday shopping season got off to a slow start, retailers said, as widespread discounts weren’t enough to coax consumers to spend.

TeleCheck Inc., which tracks purchases paid for with checks, reported that same-store retail sales on the day after Thanksgiving declined 4.8 percent nationally compared with last year. In Washington, sales dropped 10.6 percent, according to TeleCheck.

Many of the nation’s largest retailers said sales were strong on Friday, spurred by widespread promotions such as extended hours and special sales. Sales slowed on Saturday and Sunday, though, as retailers offered fewer promotions. That means consumers could be holding out for even lower prices.

“People are buying on promotion and buying closer to need,” said Jay Fitzsimmons, vice president of finance at Wal-Mart Stores Inc.

The nation’s No. 1 retailer said sales were strong on Friday driven by promotions, but slowed on Saturday. The same was true at J.C. Penney Co., the fifth-largest retailer, which said it still expects low single-digit sales increases for the holiday season.