Saks and Costco did well, and Wal-Mart had a small gain. Still, not a good January report from U.S. retailers. More evidence that we have entered the first consumer recession since 1991. Even the rich folks have slowed spending. (Store-to-store sales at Nordstrom fell almost 7 percent in January compared with results from the same month last year.) From the AP story:

The nation's retailers delivered more evidence of a stumbling economy Thursday, as merchants including Wal-Mart Stores Inc. reported weak January results, extending a malaise that has deepened since the holiday shopping season.

Wal-Mart, the world's largest retailer, reported a 0.5 percent gain in same-store sales. Analysts surveyed by Thomson Financial had expected a 2.0 percent increase. The company said it continues to do well with staples like groceries but that home furnishings remain weak. The discounter, however, stuck to its fourth-quarter earnings forecast.

Rival Target Corp. reported a 1.1 percent decline in same-store sales in January, worse than the 0.6 percent analysts expected.

Costco reported a 7 percent gain in same-store sales, surpassing the 6.6 percent estimate.

Within the department store sector, J.C. Penney Co. had a 1.9 percent decline in same-store sales at its department stores, though the results were better than the 6.3 percent Wall Street expected.

Upscale Nordstrom suffered a 6.6 percent same-store sales decline, worse than the 0.7 percent decrease expected. Saks Inc., which operates Saks Fifth Avenue, said same-store sales rose 4.1 percent, better than the 2.2 percent estimate. But in a release, the luxury retailer said shoppers continue to shift more of their spending to sale merchandise amid a challenging economic environment.

Macy's Inc. on Wednesday reported a 7.1 percent decline in same-store sales, worse than the 5.9 percent decrease. The company also said it was cutting about 2,300 management jobs as the department store operator consolidates three regional divisions and decentralizes buying to reduce costs and boost sales.

Limited Brands reported an 8 percent drop in same-store sales in January, worse than the 6.9 percent forecast.

Among teen retailers, Abercrombie & Fitch Co. had flat same-store sales, matching Wall Street expectations. Pacific Sunwear suffered a 7.4 percent drop in same-store sales; analysts expected a 1.2 percent rise.