TITLE

Sluggish Nov. For Major Chains

AUTHOR(S)
Wolf, Alan
PUB. DATE
December 2004
SOURCE
TWICE: This Week in Consumer Electronics;12/6/2004, Vol. 19 Issue 25, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that retail got off to a less than stellar start in the 2004 holiday season as high fuel prices and low consumer confidence muted the impact of Black Friday sales on November revenue. According to Best Buy comparable store sales moderated in November following stronger performance earlier in its fiscal third quarter, which ended November 27, 2004, the Saturday following Thanksgiving Day. For the three months, Best Buy's U.S.-based businesses saw sales rise nine percent to 5.9 billion, boosted by new store openings, while same-store sales grew three percent, far short of last year's more than eight percent spike and below analyst's forecasts. November proved kinder to Sears. Record Black Friday sales and strong showings by consumer electronics and major appliances edged total revenue up 1.9 percent to $2.5 billion and drove comparative sales 2.8 percent higher year-over-year. The story was different at Wal-Mart, which sharply reduced its November comparative store forecast over Thanksgiving weekend from a high of four percent to 0.7 percent due to disappointing Black Friday sales. Meanwhile at Target, total November sales grew nine percent to $4.2 billion and comparatives increased 3.2 percent, in line with its earlier estimates.
ACCESSION #
15326587

 

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