(Updated with stock prices.)

NEW YORK ( TheStreet) -- More shoppers braved the crowds on Black Friday, but spent less.

According to the National Retail Federation, 195 million shoppers visited stores and Web sites over the weekend, up from 172 million last year. On average, however, each shopper spent $341.31, down about 8% from $372.57 last year.

"While retailers are encouraged by the number of Americans who shopped over Black Friday weekend, they know they have their work cut out for them to keep people coming back through Christmas," Tracy Mullen, NRF president and CEO said in a statement.

The news sent shares of retailers tumbling on Monday afternoon, with the S&P Retail Index falling 1.3% to 399.22.

Some of the biggest decliners are in the department store sector, with J.C. Penney ( JCP) sinking 3.8% to $28.15, Macy's ( M) tanking 6% to $15.95, Saks ( SKS) dropping 8.4% to $5.99 and Kohl's ( KSS) off 2.4% to $53.14.

Women's apparel retailers are also in the red, as they experienced the slowest traffic Black Friday weekend. Talbots ( TLB) is plunging 6.9% to $6.52, Coldwater Creek ( CWTR) is losing 3.2% to $4.29, Chico's ( CHS) is decreasing 2.5% to $13.95 and AnnTaylor Stores ( ANN) is off 4.`% to $13.65.

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