Retailing industry sales increased 8.8 percent for the week ending Dec. 26 compared with the same period a year ago, ShopperTrak, a research and consulting firm, said.
Penny-pinchers are giving greeting cards instead of presents, or presents without greeting cards. And nearly everyone is snipping someone from their list.
The results were helped by sales on the day after Thanksgiving, and the comparison to a year ago, when consumers closed their wallets as the financial crisis unfolded.
While the economy has begun to show signs of improvement, a continuing reluctance to spend on the part of consumers could serve as a major drag on the recovery.
Halfway through the back-to-school shopping season, predictions of the worst performance for stores in more than a decade are yet another sign that consumers are clinging to every dollar.
Reports made clear that consumers were likely to continue hoarding their dollars into the back-to-school shopping season, a crucial time for retailers.
The collapse of CIT would wipe out suppliers’ capital, deplete retailers’ credit and leave the nation’s stores sparsely stocked — just in time for Christmas.
The company is expected on Thursday to announce the creation of an indexing system meant to help retailers determine the social and environmental impact of their products.
The discount retail chain continued to confront sluggish consumer spending in the quarter, but cost-control measures helped it beat analysts’ estimates.
The discount retail chain continued to confront sluggish consumer spending in the quarter, but cost-control measures helped it beat analysts’ estimates.
As sales fell more than 27 percent in the luxury market in December, Saks Inc. said it would cut about 9 percent of its work force. A day earlier, Neiman Marcus also announced cuts.
Final numbers are not due until Jan. 14, but interim data shows that customer traffic for the full holiday season plummeted 16 percent, taking sales down 2.3 percent.
Most of the nation’s stores kicked-off the critical holiday shopping season with double-digit sales declines, despite relatively strong sales in the few days after Thanksgiving.
Most of the nation’s stores kicked-off the critical holiday shopping season with double-digit sales declines, despite relatively strong sales in the few days after Thanksgiving.
Most of the nation’s stores kicked-off the critical holiday shopping season with double-digit sales declines, despite relatively strong sales in the few days after Thanksgiving.
New figures confirmed that consumers who had been sitting on their wallets pulled them out for Black Friday, giving the nation’s retailers a much-needed sales spike.
Saks said it lost more than expected in the third quarter amid job losses on Wall Street and stock market turmoil, while Home Depot said quarterly profit sank 31 percent on slow sales.
Wal-Mart plans to announce that it will require manufacturers supplying goods for its stores to adhere to stricter ethical and environmental standards.
MasterCard SpendingPulse said a drop-off in consumer spending had sent its specialty retail sales index plunging 7.7 percent in September compared with last year.
Retailers said that sales at stores open at least a year rose higher than expected in June thanks to aggressive summer promotions, government stimulus checks and warm weather.
Home Depot’s move will create the nation’s most widespread recycling program for the energy-saving bulbs, which have to be properly disposed of since they contain small amounts of mercury.