Wal-Mart Stores Inc. said American same-store sales will be unchanged in November, forecasting its worst results in more than 10 years, a week after Chief Executive Officer H. Lee Scott predicted a pickup during the holiday season.

The estimate means Wal-Mart, the world’s largest retailer, is headed for its worst monthly performance since April 1996. American sales at stores open at least a year increased 4.3% in November 2005.

Disappointing clothing sales and disarray from store renovations have hurt results. Scott told analysts last week he expected sales to improve as the company offered holiday merchandise and gasoline prices fell. Wal-Mart is losing customers to retailers such as Target Corp., an analyst at Fifth Third Asset Management in Cincinnati, Dan Popowics, said.

“They’re just having trouble driving sales in their stores,”said Mr. Popowics, whose firm manages $21 billion in assets including Wal-Mart shares. “Clearly they’ve somewhat underdelivered in recent months. A lot of competitors are doing better than them.”

October same-store sales gained 0.5%, matching the estimate released five days ago, the Bentonville, Arkansas-based company said today in a statement. Wal-Mart had initially forecast an October gain of 2% to 4%.

Wal-Mart’s sales trail results at rivals. Target, the second-largest American discount chain, said today October samestore sales gained 3.9%.October sales at 54 chains surveyed by the International Council of Shopping Centers rose 3%.

Shares of Wal-Mart fell 85 cents, or 1.7%, to $48 as of 10:23 a.m. in New York Stock Exchange composite trading. They had gained 4.4% this year, while Target had risen 5%.

In April 1996,Wal-Mart said a shift in the timing of Easter hurt results, resulting in a drop of 0.6% in same-store sales.

Wal-Mart needs to re-emphasize selling basic items for low prices, Mr. Scott told analysts October 23-24, saying the company had put too much emphasis on higher-priced clothing.