November chain sales mixed
FROM TWICE: Wal-Mart sees 6.5% lift for month, Target down 6.1%
By Alan Wolf of TWICE -- Video Business, 12/4/2008
DEC. 4 | FROM TWICE: Despite the surge over Black Friday weekend, sales at the nation’s leading discount chains were mixed for November, with consumers directing most of their dollars toward basics like food and healthcare.
The big exception was Wal-Mart, where lower gas prices and aggressive discounting helped boost net November sales 6.5% to $21.5 billion at its flagship stores, while same-store sales rose 3.4%.
The world’s largest retailer said lower fuel costs spurred increased shopping trips and freed up discretionary income, which shoppers spent on consumer electronics, apparel and home goods in response to new merchandising programs.
Target didn’t fare as well. Net sales there fell 6.1% in November to $5.6 billion, while same-store sales declined 10.4%. CE was cited as the month’s strongest hardline category, although consumer spending was focused mostly on non-discretionary items like food and healthcare.
Read the full story on TWICE.com.
