U.S. retailers expecting to ring up sales in the days after Christmas may have to intensify discounts after a snowstorm slammed the East Coast yesterday, disrupting one of the busiest shopping days of the year.
Two banners showing images of entrepreneur Daymond John, a co-founder of the FUBU clothing line and one of the resident predators on ABC’s “Shark Tank” television show, loomed at the front of a hotel meeting room as fledgling business owners and would-be entrepreneurs filed in.
Dave Murphy , president and chief operating officer of Red Wing Shoe Co., got hearty applause when he announced record earnings for 2010 -- $448 million, up 12 percent from 2009 -- at this year’s shareholder meeting in Red Wing, Minn. But the announcement that got the roughly 150 shareholders out of their seats for a standing ovation was not about dividends or returns. It was the 315 employees the company hired in 2010, bringing head count close to 2,200 today.
Shoppers at stores from Best Buy Co. to Gap Inc. and Toys “R” Us Inc. all said in a recent poll that they’ll spend less this holiday season than last year. Customers plan to buy more at only one chain: Costco Wholesale Corp.
Limited Brands Inc. and Macy’s Inc. posted November same-store sales that topped analysts’ estimates as Thanksgiving weekend deals drew record crowds, while stores that missed out on the shopping blitz trailed expectations.