Strong November Kick Starts Xmas, Analysts Say
The frenzy of Black Friday shopping marked an upbeat end to November sales, and many retailers, including Terry J. Lundgren of Macy’s, said the month’s sales exceeded their expectations.
“Black Friday weekend was particularly strong, bolstering our confidence as we enter the heart of the holiday shopping season,” Lundgren said in a statement. He is chairman, president and chief executive officer of Macy’s Inc.
The International Council of Shopping Centers reported that November had the strongest sales performance since March of 2010. U.S. chain-store sales climbed 5.8 percent in a year-over-year same-store-sales gain.
ICSC Chief Economist Michael P. Niemira quoted a survey stating only 32.6 percent of shoppers completed their holiday spending on Black Friday weekend. “[It] suggests a stronger-than-expected holiday shopping season in total.”
Roth Capital Partners analyst Liz Pierce noted more men and teens patronized mall stores during Black Friday, which may have been a factor in the great sales performance reported by boardsports fashion chain Zumiez Inc.
The Everett, Wash.–based chain said its November same-store sales increased 20.7 percent compared with last year. Zumiez net sales in November totaled $40.2 million, a 26.2 percent increase over last November.
Discounters and off-pricers reported an excellent month. Door-busters and promotions helped drive up sales for Target, which reported a same-store-sales increase of 5.5 percent.
Department stores did particularly well. The long-suffering Dillard’s chain reported an 8 percent increase in its same-store sales. Nordstrom and Saks reported same-store-sales increases of 5.1 and 5.3, respectively.
Most specialty chains reported on a banner month. Gap reported a same-store-sales increase of 4 percent, and Wet Seal reported an increase of 7 percent for its November same-store sales.—Andrew Asch