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Holiday sales missed forecasts
Shopping season's growth of 5.2 percent topped last year but fell short of retail group's estimate.
January 15, 2004: 11:25 AM EST

NEW YORK (CNN/Money) - Holiday retail sales growth more than doubled last year as last-minute shoppers piled into stores near Christmas but the gains fell short of an industry-wide forecast.

The National Retail Federation (NRF), the largest group of the nation's store chains, said total sales in the November-December period rose 5.2 percent over last year to $216.3 billion, compared with a much smaller gain of 2.2 percent in 2003.

But the final tally fell short of the NRF's earlier forecast of a 5.7 percent increase.

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"Most retail sectors experienced strong holiday gains," NRF Chief Economist Rosalind Wells said. "A variety of economic and social factors came together just in time for the most important shopping season of the year."

Among the strongest performing categories were consumer electronics and appliances, furniture and home furnishings and apparel, the report said.

Retailers are likely to get a sales boost early this year from unredeemed gift cards, Wells said.

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"It is very likely that millions of consumers are still holding unredeemed gift cards, which will boost sales in January and February," she said.

General merchandise retailers rely on the holiday shopping season for 50 percent or more of their annual sales and profits.

NRF forecasts that sales of general merchandise, including clothing, furniture, home furnishings, electronics,sporting goods, books and music, will grow 5 percent in 2004.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.