There’s no good news in this story because there’s no new information. “Sales soar”? Based on what, AP? Fat women killing themselves to hoard $2 waffle makers?
The 152 million expected shoppers is what they’ve been reporting all week. It’s an estimate based on extended hours and the hopes and wishes of the National Retail Federation. The story on Drudge says there were disproportionate numbers of teenagers out cruising the shops and malls. When you consider that teens have an astronomical unemployment rate, no credit and their parents have less disposable income than they’ve had in a generation, that’s a horrible sign. Chances are pretty good the yutes lifted more than they bought.
Not to mention loss-leader pricing doesn’t stimulate add-on sales in an economy like this. The zero-margin LCDs cost WalMart money to sell if they’re not selling HDMI cables and wall mounts to go with them. What the retailers sold doesn’t matter. It’s how much profit they made.
We won’t know anything until early next week, but I’m guessing the numbers that actually matter are going to be dismal. Although I’m sure that the AP will find a way to spin a happy face on them.
Retailers announced this year that More Americans spent more money than at any other time in history this BF. (Spent more on beer and toilet paper.)
“We won’t know anything until early next week, but I’m guessing the numbers that actually matter are going to be dismal. Although I’m sure that the AP will find a way to spin a happy face on them.”
Bearishly agreeing with you.