Retail sales slow ahead of holiday shopping

NEW YORK --US retailers' sales rose the least in four months as consumers held off on spending ahead of the holiday season. Wal-Mart Stores Inc. forecast the worst sales in more than 10 years.

October sales at 57 chains surveyed by the International Council of Shopping Centers rose 3 percent from a year earlier, the slowest growth since June. Cooler-than-normal weather spurred demand for clothes at department stores including Federated Department Stores Inc., while most discounters and apparel outlets posted results that missed analysts' estimates.

"The consumer took a break here in October after going hog wild in September," said Ken Perkins, an analyst with Retail Metrics LLC in Swampscott. Sales rose 3.8 percent in September.

Wal-Mart, the world's largest retailer, said sales at US stores open at least a year will be unchanged in November, after rising 0.5 percent in October, tempering the outlook for the holiday season.

Analysts have been forecasting gains for the year-end period, which accounts for 20 percent of companies' revenues and is the most profitable period for many.