NEW YORK (AP) -- Retailers are reporting dismal sales for December, confirming fears that the holiday season was the weakest in four decades. As merchants report their sales figures Thursday, the big exceptions to the gloom were discounters and warehouse clubs. Sears Holdings Inc., which operates Kmart and Sears stores, and Limited Brands Inc. are among the many stores that are reporting steep declines in sales at stores opened at least a year. Shoppers, grappling with tightening credit and rising layoffs, focused on smaller purchases and the deepest discounts.
But Costco Wholesale Corp. is reporting a 4 percent gain when the effect of lower gas prices is excluded.
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