The Wall Street Journal reports:
For the eight weeks from Oct. 28 through Christmas Eve, retail sales for the holidays rose just 0.7% from the year before, according to MasterCard Inc.’s SpendingPulse unit/
The data would contradict forecasts from comScore about online activity, as well as the National Retail Federation, which expected sales improvement to be above 3%.
The information does not bode well for retailers and may severely damage the prospects of the weakest companies in the sector. which needed a strong holiday sales season to show any recovery. This includes J.C. Penney Co. Inc. (NYSE: JCP), Best Buy Co. Inc. (NYSE: BBY) and Sears Holdings Corp. (NASDAQ: SHLD), which owns Sears and Kmart, particularly.
Douglas A. McIntyre