"Estimates of post-Thanksgiving retail sales ranged yesterday from flat to modest, leaving many merchants hoping that things would pick up later in the season.
Scott Krugman, a spokesman for the National Retail Federation, said this year's weekend after Thanksgiving was "on a par with last year -- it was no worse than last year." He said he expected "exponential improvement" in sales before Christmas, an increase that would result in the federation's forecast of 5.7 percent higher holiday sales this year.
Marshal Cohen, senior analyst for the NPD Group, a market research firm, more generously estimated the sales total for Friday and the weekend at 3 to 4 percent higher than last year's, but that rate of growth was still far below one widely quoted estimate for last year's three-day shopping weekend of more than 12 percent growth over 2001.
"Consumers are telling me they don't have money in their pockets," Mr. Cohen said. "The economy is recovering, but they don't see it yet."
Yet some retailers, especially discounters, reported big crowds, especially for early-bird specials for featured items, like $29 DVD players and bargain toys. Wal-Mart announced sales of $1.52 billion on Friday, a 6.3 percent increase over last year -- and a single-day company sales record. But the increase was down from its 2002 gain of 14.5 percent over Black Friday the year before.
At J. C. Penney, results were "strong, and foot traffic was definitely better than last year," said Vanessa Castagna, chairman and chief executive of the Penney stores. Catalog and Internet sales, home furnishings and gifts were particularly strong, she said, as was jewelry. "People are buying diamonds," she said.
Bucking the less promotional atmosphere among many retailers, Penney is being aggressive, and early-bird specials, which Ms. Castagna called "door-busters," brought more shoppers into the store than last year, she said. ..."
NY Times Dec 1
