NEW YORK ( TheStreet) -- While Black Friday shouldn't be used as the sole gauge of the health of the holidays, it has revealed some possible winners and losers for the season.

Unsurprisingly, electronics were the most popular purchases last weekend, specifically flat-panel televisions.

"Despite the media hype surrounding Black Friday, the weekend is critical to the holiday season only for one major merchandise category -- consumer electronics -- which will see some 20% of Christmas sales over the three-day weekend," Craig Johnson, president at Customer Growth Partners, said in a statement.

Deep discounts lured shoppers to Wal-Mart ( WMT), but Best Buy ( BBY) was one of the highly talked about standouts.

In its first Black Friday without direct competition from Circuit City, Best Buy saw 25% of shoppers who purchased a TV buy it at its stores, according to UBS. This compares to half of shoppers who bought their TV at Wal-Mart.

"If you consider how many more stores Wal-Mart has compared with Best Buy, this is a good showing," UBS analysts said during a conference call.

Best Buy also reigned supreme in the home appliances category, a sector starting to show signs of a recovery, Johnson wrote.

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