Black Friday Urgency 'Muted', Stifel Says
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Stifel retail analyst Richard Jaffe noted Black Friday has turned into Black November as retailers began promoting earlier in the month in attempt to pull forward holiday sales in response to a highly competitive retail environment. With widespread promotions over the entire Holiday season and an increasing preference to shop online, we believe the urgency to shop on Black Friday has become muted.
He said standouts today include: Kohl’s (NYSE: KSS), Victoria’s Secret (NYSE: LB), Francesca’s (NASDAQ: FRAN), American Eagle (NYSE: AEO) and Urban Outfitters (NASDAQ: URBN) division. Traffic appeared lighter throughout the mall, especially as there appears to be less urgency to shop on Black Friday. Outside the mall, Kohl's drove traffic with a combination of attractive promotions (Kohl’s Cash) that were well advertised (especially in home, toys and electronics). TJX (NYSE: TJX) and ROST (NASDAQ: ROST), with their policy of everyday low prices, saw only light traffic. These businesses are well positioned and appear well inventoried. We believe that, as in years past, their time will come.
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