Though Wal-Mart Stores Inc. posted a higher-than-expected gain in December same-store sales, most retailers reported disappointing sales results, reported the Associated Press. Many have lowered their fourth-quarter earnings forecasts as a result, raising concern that a slowdown in consumer spending could carry the economy into recession.

Nineteen retailers missed December projections, while nine beat forecasts and one met expectations, according to a preliminary tally by Thomson Financial. Wal-Mart, the world’s largest retailer, had a 2.4 percent gain in same-store sales, beating analysts’ projections of 1.8 percent.

The post-Thanksgiving shopping week fell entirely in November this year, creating a need to look at the combined November-December figures to get the complete holiday picture. Many analysts also are waiting to see sales figures for January, when most consumers redeem their gift cards.

However, December sales results show that consumers were more frugal this holiday season. Costco Wholesale Corp. posted a 7 percent increase in same-store sales, Macy’s Inc. had a 7.9 percent drop, Nordstrom Inc. sales declined 4 percent, Limited Brands Inc.’s sales fell 8 percent, and AnnTaylor Stores Corp. had a 9.4 percent decline.