Retail Sales Notch Biggest Drop in 39 Years

U.S. retailers reported their worst same-store sales declines since at least 1969 for November as the only thing that appeared to work well was heavy discounting.

Discounter Wal-Mart Stores Inc. and luxury retailer Saks Inc., which increased its promotional activity, both beat expectations. Wal-Mart continued its recent trend of besting rival Costco Wholesale Corp. and other discounters.

Overall, same-store sales for November fell by 2.7% from last year, according to the International Council of Shopping Centers Inc.'s index of 37 stores, the biggest drop since 1969, the first year that the council began collecting data. Same-store sales are closely tracked ...