This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

November Retail Sales a Bit Blue Despite Black Friday

NEW YORK ( TheStreet) -- Despite ever-expanding sales and store hours, Black Friday hordes barely moved up November retail sales.

Monthly retail sales figures for November rose only 0.2%, the smallest gain in the holiday shopping month since 2008, but were up 6.7% from November 2010, according to data released Tuesday by the Department of Commerce. Economists expected a 0.6% increase, according to Thomson One Analytics.

The market largely shrugged off the disappointing data, as the Dow Jones Industrial Average climbed 0.8%, or 90.86 points, to 12,112.25 at 10:30 a.m. The S&P 500 gained 0.7% to 1,245.23, and the Nasdaq rose 16.73 points to 2,629.27.

The report was "not very encouraging," David Semmens, an economist at Standard Chartered Bank, wrote in an email. With little market reaction to the report, "perhaps market participants are comfortable that the consumer is saving their best for December," he said. "Although given the lack of good cheer the consumer is showing I'd hazard a guess they are waiting for the post-Christmas sales."

Despite the missed expectations, retail sales the day after Thanksgiving rose 6.6% to $11.40 billion, the most ever spent on the day.

Retailers such as Wal-Mart (WMT - Get Report), Toys "R" Us and Gap (GPS - Get Report) opened on Thanksgiving day to entice more shoppers, while online retailers such as Amazon (AMZN - Get Report) offered online deals beginning on Friday and continuing through the traditional Cyber Monday.

Purchases excluding automobiles jumped 0.2%, also falling short of expectations. Economists projected a 0.4% gain.

Electronic and appliance stores saw the biggest gains in October with a 2.1% increase. Non-store retailers, such as Amazon and QVC also led gains, rising 1.5% as consumers took advantage of online deals on Cyber Monday.

Best Buy (BBY - Get Report), the electronics retailer that opened at midnight after Thanksgiving, fell after reporting fiscal third-quarter earnings Tuesday of 47 cents a share on revenue of $12.10 billion, missing the average analyst estimate of a profit of 51 cents a share on revenue of $12.14 billion. Shares were dropping 11.2% to $24.91.

Top Videos of 2011


Apparel retailer Urban Outfitters (URBN - Get Report) surged after it announced in a regulatory filing that same-store retail sales were up in the mid-single digits so far in the fourth quarter. The shares were jumping 7.6% to $28.46.

-- Written by Kaitlyn Kiernan



>To follow the writer on Twitter, go to http://twitter.com/Kaitlyn_Kiernan.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AMZN $370.45 0.84%
BBY $38.48 0.21%
GPS $42.83 1.00%
WMT $81.32 -0.70%
URBN $45.47 0.02%

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs