Black Friday Store Traffic Softer Than Prior Years, Says KeyBanc/Pacific Crest (AMZN) (WMT) (BBY) (ULTA) (GPS) (BBBY)
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Black Friday winners included Amazon.com (NASDAQ: AMZN), Wal-mart (NYSE: WMT), Best Buy (NYSE: BBY), Ulta Salon (NASDAQ: ULTA), and lululemon athletica (NASDAQ: LULU), according to KeyBanc/Pacific Crest.
"The KBCM/PCS consumer retail/tech team conducted its annual multi-state store visits and promotional analysis over the Black Friday weekend. Overall, we found store traffic to be somewhat softer than prior years, despite a number of stores and malls opting not to open on Thanksgiving. We attribute much of the weakness to a still tentative consumer as well as a continued shift to e-commerce. Promotions were flat to slightly up vs. [last year]," said analyst Edward Yruma.
"The teams checked stores in nine different states beginning on Thursday and through the weekend. Wal-Mart's addition of holiday helpers improved store level execution and higher doorbuster inventory helped drive solid in-stock levels. Best Buy had long lines, and doorbuster TVs and laptops were claimed within five minutes of store openings. Mall traffic was heavy on Thursday evening and through Friday, but seemed to weaken during the weekend. Traffic at hardlines retailers seemed slightly lower," continued the analyst.
Yruma added, "Promotions began earlier this year, with many retailers running Black Friday promotions a week early. Moreover, retailers like Hollister attempted to pull back promos on Saturday (from 50% off on Friday, 40% off Saturday), only to reinstate Black Friday promos on Sunday. The handbag space was largely 30% off, which was up vs. LY. Promotions in hardlines were similar YOY ... Winners across our coverage include Amazon, Wal-Mart, Best Buy, Ulta and lululemon athletica. We noted softer results at Gap, Buckle and Bed Bath & Beyond. In-line included Hasbro and Mattel. Key items included the Michael Kors smartwatch (FOSL), Apple iPad, Apple Watch, NERF, Transformers, Princess (HAS), Echo Dot (AMZN) and Fire TV stick (AMZN)."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- U.S. retail sales boosted by auto demand; producer prices climb
- Stocks with call price movement; USO AMZN
- UPDATE: Seaport Global Securities Upgrades Toro (TTC) to Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Retail Sales
Related EntitiesKeyBanc, Pacific Crest Securities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!