US retailers recorded poor revenues for the month of November 2012 due to the dampening effect of Hurricane Sandy and despite the Thanksgiving weekend’s holiday shopping frenzy.
Hurricane Sandy that hit the Northeast of the country on 29 October 2012 has reportedly caused a loss of $50bn in damages, closed stores losses and spending cuts by consumers.
The department store chains such as MACY and Kohl posted decreased same-store sales for the month that fell short of their estimations.
Macy reported an increase of 0.7% as against its estimated 2.5% increase while Kohls reported 5.6% drop in sales when a 2.1% increase estimated.
Likewise, Target, that has many Northeast stores, saw comparable store sales fall by 1%.
Consolidated sales amounted to around $60bn, a 13% rise year-on year, during the festive shopping season starting from Thanksgiving Thursday to Cyber Monday, but could not compensate for the losses earlier in the month.
Retailers have complained that the weak sales at the beginning of the month have affected the overall numbers failing their plans.