Holiday retail sales up nearly 15 percent
Holiday retail sales up nearly 15 percent
Retail sales appear poised for a solid finish to the holiday season, as warm weather and deep discounts encouraged shoppers to hit stores or go online to snap up last-minute gifts, according to data released on Wednesday, Reuters reported.
Sales in the week ending Dec. 24 increased 14.8 percent from a year ago to about $44 billion, helped by Christmas Eve falling on a Saturday, according to ShopperTrak, which monitors traffic at shopping malls. Good weather also helped; snowstorms blanketed some areas at the same time last year.
Sales on Dec. 26, a public holiday this year, soared 25.5 percent to $7.1 billion, ShopperTrak said.
Steep discounts were prevalent throughout the season and drove the sales growth, but could crimp retailers’ profits.
“The real issue is, what margins were those sales generated at, because it was a very heavily promotional season,” said Al Ferrara, director of BDO USA’s national retail practice. “The retailers, to capture market share, were obviously marking down very heavily.”
In a separate report, comScore Inc., an online audience measurement firm, reported that online sales reached $35.3 billion, a 15 percent increase compared with the corresponding 56-day period last year. In the most recent week ending Dec. 25, online shoppers spent $2.8 billion, up 16 percent from the corresponding week in 2010.
Retail sales appear poised for a solid finish to the holiday season, as warm weather and deep discounts encouraged shoppers to hit stores or go online to snap up last-minute gifts, according to data released on Wednesday, Reuters reported.
Sales in the week ending Dec. 24 increased 14.8 percent from a year ago to about $44 billion, helped by Christmas Eve falling on a Saturday, according to ShopperTrak, which monitors traffic at shopping malls. Good weather also helped; snowstorms blanketed some areas at the same time last year.
Sales on Dec. 26, a public holiday this year, soared 25.5 percent to $7.1 billion, ShopperTrak said.
Steep discounts were prevalent throughout the season and drove the sales growth, but could crimp retailers’ profits.
“The real issue is, what margins were those sales generated at, because it was a very heavily promotional season,” said Al Ferrara, director of BDO USA’s national retail practice. “The retailers, to capture market share, were obviously marking down very heavily.”
In a separate report, comScore Inc., an online audience measurement firm, reported that online sales reached $35.3 billion, a 15 percent increase compared with the corresponding 56-day period last year. In the most recent week ending Dec. 25, online shoppers spent $2.8 billion, up 16 percent from the corresponding week in 2010.
Trending News
