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More than half of all US retailers missed sales expectations in January, deepening fears of a consumer-led slowdown that could tip the economy into a recession.
As a slew of big-name stores release sales figures, it has become clear that last month saw the weakest growth since at least 2003.
Wal-Mart, the country's biggest retailer, failed to meet Wall St's expectations, as did a number of other chains including Target and Victoria's Secret.
According to Thomson Financial, 58 per cent of retailers had missed analysts' forecasts.
It said like-for-like sales growth was around 1 per cent, making January the worst month since March 2003.
Clothing chains including Gap and American Eagle outfitters posted declining January sales, as did department stores.
- Independent
