Shares in Wal-Mart fell more than three per cent in New York on Monday, after the giant discount retailer cut its forecast for November same-store sales growth to just 0.7 per cent, citing poor performance over the Thanksgiving holiday weekend.

The world's largest retailer had estimated November year-on-year growth of 2 to 4 per cent just 10 days ago. But Wal-Mart revised its estimates down on Saturday evening after disappointing sales on “Black Friday”, the day after Thanksgiving - so called because it is traditionally the time retailers move into profit for the year. It is an indicator of spending for the holiday season, when a quarter of annual retail sales are rung up.