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My Black Friday Field Report
Originally published at 7:37 a.m. EST on November 27, 2015
I spoke to all three shops' general managers, and here are their responses to my questions regarding store traffic:
Store No. 1: "Our business is probably flat with 2014. The big sellers continue to be flat-screen TVs, which were higher year over year. But most other products were lower."
Store No. 2: "Thus far, it's only been a few hours, (but) sales traffic is probably slightly lower than last year. Computer peripherals and televisions are the predominant sales categories."
Store No. 3: "Our business appears to be a bit above last Black Friday, but it's only been a few hours."
Based on these observations and others, my feeling is that retailers' holiday promotional activity started weeks ago. When combined with Internet shopping, that should "borrow" from revenues on both Black Friday and into the future.
Position: Long BBY
At the time of publication, Kass and/or his funds were long BBY, although holdings can change at any time.
Doug Kass is the president of Seabreeze Partners Management Inc. Under no circumstances does this information represent a recommendation to buy, sell or hold any security.