With Wal-Mart Stores Inc. (NYSE:WMT) turning in disappointing November sales figures yesterday -- a 0.5% decline in same-store sales -- there are many questions of the hour when it comes to the world's largest retailer.

What's important about this is the fact that Wal-Mart's November same-stores sales results demonstrated its first monthly sales decline in a decade -- and this is the holiday season no less.

Does the rest of the holiday season look glum for Wal-Mart? Possibly. Wal-Mart said that it expects December sales to rise 0% to 1%, which falling short of Wall Street's expectations for a 2% increase. Ouch -- expectations and projections being off by an entire percent? With Wal-Mart's volume, that is no small matter at all.

After WMT stock hit $50 per share just over a month ago, shares now sit at $45.65 (Friday midday) following the bad news of the 2% decline in November's sales.

As expected, though, Wal-Mart reported that it racked up double-digit comparable-store sales growth in its pharmacies, thanks to its new $4 generic prescription drugs program. I still think CVS Corp. (NYSE:CVS) and Walgreen Co. (NYSE:WAG) will feel the heat next year as Wal-Mart steals quite a bit of prescription drug business.

Wal-Mart also said it saw food sales increase by 5% in November based on more organic offerings and lower prices. I am not sure I believe the organic part ... yet.

Kohl's -- the department store outside the mall -- released financial results for its third quarter yesterday. The chain reported third quarter earnings per share of $0.68, compared to $0.45 during the same period a year ago. Analysts estimated that Kohl's would earn $0.64, so the company blew past its expectations pretty nicely.

Revenue for Kohl's increased 16.6% to $3.6 billion from the year-ago quarter of $3.1 billion and quarterly same-store sales increased 8.5% as well. Kohl's raised its earnings guidance for its 2006 fiscal year from the range of $3.04 - $3.13 per share to between $3.16 and $3.24 per share.

With both retailers J.C. Penney (NYSE:JCP) and now Kohl's Corp. (NYSE:KSS) reporting better-than-expected results for their most recent quarters, where is competitor Sears Holdings (NYSE:SHLD) going to land? And what about discounter Target Stores (NYSE:TGT) that also faces increased competition from resurgent retailers like Kohl's, Sears and J.C. Penney?

Sears, best known in history for its catalogs, will be landing its results on the day of November 16 , next Thursday. Stay tuned as I'll be covering what Sears is up to. And, if the competition is any sign, Sears may have a decent quarter coming up next week.

Will Wal-Mart Stores, Inc.'s (NYSE:WMT) final sales figures for October be indicative of the overall state of the retailing industry? Most likely not, as other retailers are poised to see strong sales gains for the month of October and into the holiday shopping season as well.

Wal-Mart's possible sales stumble for October may be due to its laggard efforts in re-modeling stores and its attempts at selling trendier clothes and higher-margin items. Wal-Mart is trying to court a new breed of customer willing to pay for higher-priced merchandise yet shop in the same environment where bargain-basement prices exist on every endcap and on every shelf.

This Thursday, Wal-Mart and other major retailers will release final October sales reports. Analysts are expecting department stores and apparel chains to post strong gains. In addition, Target Corp (NYSE:TGT) -- Wal-Mart's largest and closest rival -- said earlier this month that its sales at stores open at least a year, known as same-store sales, were on pace to meet its forecast of three to five percent growth.

This comes as Wal-Mart released over this past weekend its projection for October same-store sales growth of 0.5%. We'll all see final figures tomorrow, though. Stay tuned to Blogging Stocks, as I'll be covering this retailing news as it happens.