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Shoppers spending freely
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December 2, 1996: 8:13 p.m. ET
Preliminary figures indicate retailers may see improved holiday sales
From Correspondent Rhonda Schaffler
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NEW YORK (CNNfn) -- Retailers were tallying up sales Monday after the busiest shopping weekend of the year. So far, things are on course for a good holiday season.
General and specialty stores both fared well on Friday, traditionally the busiest shopping day. Sales at specialty stores were up 11 percent while sales rose 3.6 percent overall on Friday over the same period last year.
Alan Millstein, a retail consultant with the Fashion Network, said shoppers packed the malls over the Thanksgiving weekend -- and best of all, they were buying.
"What astounded me was the frenzy at which people were buying merchandise. I hadn't seen that since the mid-'80s. It was almost as if there was going to be a shortage of things on the shelves in most stores," Millstein said.
Apparel, especially anything with a designer label, was among the top sellers. Also going fast were Nintendo 64 game systems, the Tickle Me Elmo toy and anything with Dalmatian spots.
While most retailers will not release sales figures before the official monthly reporting period, some companies are already gloating.
High-end retailer Saks Fifth Avenue is reporting double-digit sales gains this weekend. Sears, Roebuck officials said its weekend sales were the best in its history.
The holiday spree prompted a buying binge in retail stocks. Investors were particularly happy with the fact that deep discounts and mark downs were not as prevalent this year as in the past. That means profits should be stronger this year.
Although things are on target for a good season so far, some are quick to point out that one weekend does not make a trend.
The Thanksgiving-to-Christmas shopping window is five days shorter this year than in 1995. Some analysts, including Patrick McCormack, retail analyst at Dean Witter, believe shoppers may have started buying in mid-November and could run out of steam earlier than usual. (161K WAV) or (161K AIFF)
Even if the pace of sales slows this month, analysts say holiday sales should easily top last year's figures and could beat projections that call for a gain of about 5 percent.
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