November 26, 2004
$8 Billion Black Friday Starts Christmas Retail Shopping Season Smartly, Except for Wal-Mart
Wal-Mart was alone among retailers in cutting its sales forecast, as the luxury trend took over and consumers increased spending from last year:
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Americans spent more in stores at the start of holiday shopping than a year ago, according to figures released on Saturday, but retailers' hopes for the key season were curbed as titan Wal-Mart cut its November sales forecast.
Consumers lined up to grab early-bird specials as stores opened from 5 a.m. on the Friday after Thanksgiving, which is one of the year's biggest shopping days, known as Black Friday as it used to be the day retailers got into profit. Retailers now report profits throughout the year.
Black Friday used to be the biggest shopping day of the year, but now it competes with the Saturday before Christmas for top sales. Black Friday was the biggest shopping day in 2003.
Early sales data from analyst ShopperTrak showed Black Friday sales rose 10.8 percent from a year ago to $8 billion, while Visa USA said spending on its cards rose 15.5 percent to $4.1 billion with sales up but plastic also more widely used.
We'll see if the bounce continues and watch as Wal-Mart sharpens its pencil even more in what will surely be a move to suck more oxygen out of the room in a market where only Wal-Mart can hold its breath the longest.
- Arik
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