Wedbush Morgan Comments on Black Friday Mall Activity
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Wedbush analyst says, "Although ShopperTrak reported Black Friday sales were up 3.0%, we did not see that at our stores in Southern California. The NRF reported that traffic was up 17% and average spending was up 7.2% during the weekend, which is surprising given expectations that people should be spending less this year, although still buying the same number of gifts. Y-O-Y, we are cautious that holiday sales will still be flat to down overall. We are more positive on the dollar stores and pet stores although not necessarily a destination for Black Friday weekend.
Wedbush Top Holiday Picks: Dollar Tree (Nasdaq: DLTR), 99 Cents Only (NYSE: NDN), PetSmart (Nasdaq: PETM), and Tractor Supply (Nasdaq: TSCO)
Stronger Black Friday Showings: Jo-Ann Stores (NYSE: JAS), PetSmart, Dollar Tree, Cost Plus (Nasdaq: CPWM), and Williams-Sonoma (NYSE: WSM)
Weaker Black Friday Showings: Pier One (NYSE: PIR), 99 Cents Only, and Pottery Barn.
Dollar Tree, Inc., formerly Dollar Tree Stores, Inc., is an operator of discount variety stores offering merchandise at the fixed price of one dollar. [SM]
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