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Retailers look to Cyber-Shoppers
Today, millions of Internet users at homes or their offices will get more shopping done than work. Known as “Cyber Monday,” it follows “Black Friday” and has become another closely watched indicator of the strength and health of consumer spending.
It’s estimated that consumers spent $10.6 billion on Friday. This year’s Black Friday sales rose almost 3% over last year. The Friday after Thanksgiving gets its name from retail companies that traditionally become profitable on that day – for the year. And while indications point to higher sales figures, it remains to be seen if retailers sacrificed their profit margins for sales volume.
Interestingly, the retail sector hasn’t fared as badly as the broader market. Since December of last year, retailers have lost 6.82% while the S&P 500 (.INX) has dropped 39.38%.
But before you rush off to invest in retail, know that some of its biggest players – Macy’s (NYSE: M), Target (NYSE: TGT) and Kohl’s (NYSE: KSS) – have posted significant losses during that period. It’s been the strength of discounters, like Wal-Mart (NYSE: WMT) and Dollar Tree (Nasdaq: DLTR), which have buoyed the sector.
Companies mentioned in this article: M, TGT, KSS, DLTR and WMT.
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