Richard Tafoya
Nov 30th, 2008, 10:26 PM
Reuters:
http://www.reuters.com/article/topNews/idUSTRE4AQ1SK20081201
Consumers made repeat trips to stores and spent more on bargains this holiday weekend, but the early rush is unlikely to save retailers from a bleak sales season, analysts said on Sunday.
Early results from the Black Friday weekend that kicks off U.S. holiday shopping showed that sales grew both in stores and online, fueled by repeat trips, heavier online sales and deep discounts from retailers across the price spectrum.
Investors may look positively on the data when retail shares begin trading again on Monday, viewing it as a sign that consumers are still spending despite the worst financial crisis since the Great Depression.
But industry groups and analysts said the Black Friday numbers did not change their view that 2008 will be the weakest holiday sales season in years.
"We take all of this into context and realize Black Friday is not going to save the holiday season," National Retail Federation spokeswoman Ellen Davis said. "Regardless of retail sales, retail profits are another matter. Everything they sold was at a razor-thin margin."
http://www.reuters.com/article/topNews/idUSTRE4AQ1SK20081201
Consumers made repeat trips to stores and spent more on bargains this holiday weekend, but the early rush is unlikely to save retailers from a bleak sales season, analysts said on Sunday.
Early results from the Black Friday weekend that kicks off U.S. holiday shopping showed that sales grew both in stores and online, fueled by repeat trips, heavier online sales and deep discounts from retailers across the price spectrum.
Investors may look positively on the data when retail shares begin trading again on Monday, viewing it as a sign that consumers are still spending despite the worst financial crisis since the Great Depression.
But industry groups and analysts said the Black Friday numbers did not change their view that 2008 will be the weakest holiday sales season in years.
"We take all of this into context and realize Black Friday is not going to save the holiday season," National Retail Federation spokeswoman Ellen Davis said. "Regardless of retail sales, retail profits are another matter. Everything they sold was at a razor-thin margin."