There's no denying that sales were strong over the Thanksgiving weekend. However, this may not matter all that much.

"It's great to talk about the holiday weekend, and the media loves the Black Friday stories, it just isn't much of a predictor of holiday sales," Janney Capital Markets analyst David Strasser wrote in a note.

In fact, only about 10% of holiday sales are completed over Thanksgiving weekend, according to Needham analyst Christine Chen. The majority of sales are completed in the two weeks before Christmas, which means just how the holiday season will play out depends more than what happened last weekend.

- Reported by Jeanine Poggi in New York.

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