November same-store sales steam ahead
November 27, 2007,
New York – Retailers continued to rally, sending comparable stores sales up 2.7% in the third week of November, and pushing the month-to-date measure up 2.4%, just ahead of the 2.3% goal, the Johnson Redbook reported today.
Month-over-month the gain was 0.4% above October vs. a target of 0.3%. November is a four-week month on the retail calendar, ending Dec. 1.
“Food, special promotions and extended shopping hours drew in customers. Apparel and accessories did well as cooler weather awakened consumer interest in seasonal fall merchandise such as cashmeres, cold weather accessories, footwear and outerwear,” said Redbook analyst Catlin Levis.
“Stores were relying on markdowns to drive traffic causing gross margins to be pressured in this promotional environment. Most stores were closed on Thanksgiving Day but made up for it with the traditional post holiday rush on Black Friday and over the weekend,” she added.
Looking ahead, Levis noted, “With Hanukkah falling sooner this year, many retailers saw sales intensify as the holiday season approached.”
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