Early reports show poor holiday sales

Early reports show poor holiday sales Retail sales fell as much as 8 percent this holiday season, according to preliminary data from SpendingPulse. Dismal holiday sales caused some retailers to open their doors earlier than ever today and offer huge discounts to try to boost revenues, Bloomberg reported.

An expected 5.5 percent to 8 percent decline is the largest drop since the MasterCard Advisers division began tracking data in 2002. Excluding automobile and gasoline sales, spending declined 2 percent to 4 percent in the Nov. 1 to Dec. 24 period.

The biggest hit may be in jewelry sales, which plunged 35 percent, followed by electronics and appliance sales, which fell 27 percent. Women's apparel sales declined 23 percent, and men's clothing fell 14 percent, according to SpendingPulse's data.

A better indicator of how retailers fared will come on Jan. 8, when major stores report same-store sales, the Associated Press reported.

Michael Niemira, chief economist at the International Council of Shopping Centers, has lowered his expectations for sales in the November and December period to a 1.5 percent to 2 percent decline, which would be the weakest season since 1969, when the index began.

Poor results could send some retailers into bankruptcy or consolidation. More than a dozen retailers, including Circuit City Stores Inc., have already filed for bankruptcy protection this year.

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