) -- As expected, shoppers haven't found a reason to shop since the end of what turned out to be a successful holiday season.

Chain-store sales fell 3% during the first week of the month ended Jan. 9, according to the International Council of Shopping Centers and Goldman Sachs.

According to a survey conducted by the two groups, 53% of consumers are looking for deals and two-thirds of the bargain hunters said they would most likely not purchase anything that wasn't on sale.

Thus, despite some good news coming out of the retail sector on Tuesday, like several

guidance revisions

, stocks are still in the red.


S&P Retail Index

is giving up its gains, falling 1.7% to 407.04 in afternoon trading on Tuesday.

Women's retailers continued to feel the pangs from yesterday, when

analysts trimmed their estimates on several companies


Coldwater Creek


is plunging 7.9% to $4.90,



is losing 4.4% to $10,


(CHS) - Get Report

is falling 3.7% to $13.80,

New York & Company


is sinking 7.9% to $4.10 and

AnnTaylor Stores


is dropping 3.5% to $12.70.

Department stores are also losing their footing, as


(M) - Get Report

falls 2.3% to $16.23,


(KSS) - Get Report

is decreasing 3.2% to $51.03,

J.C. Penney

(JCP) - Get Report

is off 4.2% to $25.22,



is slipping 2.3% to $6.96 and


(JWN) - Get Report

is tumbling 3.6% to $36.99.

One of the biggest decliners is electronics chain



, which was downgraded by Jeffries to hold from buy.

Analyst Daniel Binder said that while the company is most likely seeing an uptick in appliance sales, he believes sales of televisions are taking a hit due to the shift of smaller screens. These have lower price takes and are less profitable for retailers.

Shares of HHGregg are plummeting 9.2% to $22 as a result.

There are some winners, however, amid the bloodbath.

Big Lots

(BIG) - Get Report

is rising 1.2% to $30.05, after the closeout retailer lifted its fourth-quarter guidance.

The company now foresees earnings in the range of $1.19 to $1.24 a share. It previously forecast earnings between $1.09 and $1.14 a share.



is gaining 1.3% to $100.76. The department store's stock has risen 13% since it issued fourth-quarter guidance ahead of Wall Street's expectations.

Earlier today, Sears also named a former

Wal-Mart Stores

(WMT) - Get Report

executive as its president of retail services.


(GME) - Get Report

is also making moves after it announced a

$300 million stock buyback

and said it would spend $300 million on 400 new store openings and possible acquisitions.

Shares of the video game retailer are increasing 1.9% to $20.70 in afternoon trading.

-- Reported by Jeanine Poggi in New York.

Follow on


and become a fan on


Copyright 2009 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.