Keywords: Christmas | Retail Market

The 2012 holiday season may have been the worst for retailers since the financial crisis, with sales growth far below expectations, forcing many to offer massive post-Christmas discounts in hopes of shedding excess inventory.

While chains like Wal-Mart Stores Inc. and Gap Inc. are thought to have done well, analysts expect much less from the likes of Barnes & Noble Inc. and J. C. Penney Co.