Strong November Sales Launch Holiday Season for U.S. Chains
December 2, 2010,
NEW YORK-Major U.S. retail chains enjoyed a prosperous beginning to the holiday season, reporting same-store sales increases for November.
The surprising leaders among the chains tracked by HFN were J.C. Penney with a 9.2 percent increase in same-store sales, and Dillard's with an 8 percent pickup. Both chains had tended to be among the weaker performers in monthly sales results among this group of retailers. A J.C. Penney statement said the department store marked the biggest Black Friday sales event in its history last week, and that traffic and conversion on its e-commerce site, jcp.com, were well ahead of last year throughout the Thanksgiving weekend and into Cyber Monday.
On the discount side, Target posted a 5.5 percent increase in same-store sales--better than the company expected and driven by "very strong guest traffic throughout the month," said Gregg Steinhafel, chairman, president and chief executive officer. The TJX Cos.' same-store gain was 3 percent, also driven by the business during the Thanksgiving week and through that weekend.
The results for the warehouse clubs were also positive. Costco's same-store sales gain for its U.S. stores was 6 percent not including gasoline sales, while BJ's Wholesale Club reported a gain of 3.8 percent without gas sales. Factoring in fuel, Costco's increase was 7 percent and BJ's was 5 percent.