Thanksgiving Day openings and midnight deals at retailers from Target Corp. to Wal-Mart Stores Inc. drew U.S. shoppers out earlier than ever, trimming spending on Black Friday at stores. Online shopping surged.
Target Corp. took some flak for opening stores on Thanksgiving because doing so would give employees less celebrating time with their families. Still, the 9 p.m. start attracted more parents and their kids.
Retailers from Walgreen Co. to Macy’s Inc. kept stores shuttered in hard-hit New York and New Jersey while reopening some other East Coast locations as they worked to assess the damage to their shops and sales.
U.S. retailers posted October same- store sales that topped analysts’ estimates as rising home values and consumer confidence boosted spending. Gap Inc. and Target Corp. were among chains that trailed projections.
U.S. retailers’ September same-store sales topped analysts’ estimates, led by discount and specialty- apparel chains that benefited from back-to-school shopping, while department stores trailed projections.
Coach Inc., the largest U.S. luxury handbag maker, tumbled the most in almost 11 years after reporting fiscal fourth-quarter revenue that trailed analysts’ estimates amid slowing sales growth in North America.