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Black Friday Didn't Help November Same-Store Sales (Update 2)

This story has been updated from 12:10 pm EST with Gap's November sales, final Thomson Reuters number and analyst commentary.

NEW YORK (TheStreet) -- It was a mixed bag on whether the strong promotions and deals during the Thanksgiving and Black Friday holiday shopping days had significant positive impact on chain stores' same-store sales last month.

November same-store sales missed the mark, as consumers remained picky on where they shopped and what they shopped for. So far, it's been things other than apparel and accessories.

Thomson Reuters estimated that November comparable sales at several chain stores would rise 2.7%. Of the 11 companies Thomson Reuters tracks, same-store sales rose just 1.9%. Excluding drug stores, same-store sales rose just 1.2% compared to consensus estimates of a 2.3% rise. 

(GPS) said after the bell on Thursday that net sales rose 8% to $1.63 billion. Comparable sales of 2% were better than 0.8% growth estimates were predicting.

In an effort to get last-minute shoppers in the door, Kohl's (KSS) said Thursday that it plans to keep its doors open for 100 hours straight from 6 am, Friday, Dec. 20 right through 6 pm on Christmas Eve. 

Both Gap and Stein Mart (SMRT) beat November same-store sales expectations, but other retailers didn't fare as well. L Brands (LB - Get Report) posted its first negative same-store sales number since December 2009, according to Thomson Reuters.

"Off-price retailers continue to outperform the sector, suggesting shoppers still want designer brand names for less. Companies that missed expectations blamed the shorter holiday season, very competitive and difficult environment," Thomson Reuters analyst Jharonne Martis writes in a note.

Must Read: Guess? Profit and Revenue Fall In Third Quarter

"Unsold merchandise for the holiday season can add pressure on retailers to take desperate measures," Martis writes, noting Kohl's decision to open for 100 consecutive hours and that analysts aren't optimistic the promotional efforts will help the bottom line.

"Analysts have been slashing their outlook for the holiday season," Martis writes. "Our Thomson Reuters Quarterly Same Store Sales Index, which consists of 75 retailers, is expected to post 1.7% growth for Q4 (vs. 1.6% in Q4 2012). This is below the 3.0% healthy mark."

J.C. Penney (JCP), a retailer that's tracked by Thomson Reuters, kicked off the comp sales reports earlier this week, offering optimism when it said that November same-store sales jumped 10.1% over last year. However, those numbers were off a very low base as J.C. Penney works through a turnaround.

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