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Home Front

A blog about the economy and the Sacramento-area real estate market.

December 4, 2008
Black Friday, awful November

    Black Friday was something of a mixed bag for retailers, with good-sized crowds and surprisingly decent sales numbers but an onslaught of discounts that will likely cripple profits.

    What came out today was anything but mixed. Major retailers released their sales numbers for all of November, and the figures were bad.

    Same-store sales dropped 28 percent at Abercrombie & Fitch and 10 percent for discount darling Target. Kohl's was down 17 percent, Costco 5 percent.

   The only real gainer was Wal-Mart, whose same-store sales rose 3 percent.

   Same-store sales, by the way, is a measure of stores that have been open for at least one year. By measuring same-store sales, you don't get fooled by a retailer that's struggling but was able to grow its numbers by opening a bunch of new outlets.

 

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