What we've seen on Black Friday historically is no clear indicator of how holiday sales will finish. Even though we might not see heavy promotions this year, we think underlying consumer demand is strong. If people want to wait until after Christmas for the big sales, they run the risk of picking up leftover merchandise.
More Quotes from Michael Niemira:
This is more than just a weather story. The beginning of the week was OK, but the fall off began on Friday. Sunday was particularly weak.Michael Niemira
We have gone through a slowdown from the more robust pace of sales in the first-half of the year, but I think the slowdown was cause for some worry, not a real concern, ... Higher gasoline prices have taken the oomph out of the economy and spending. But without more conclusive evidence of a drop in discretionary spending, I would say the slowdown is more temporary than real.
Michael Niemira
The other thing is that as retailers move into a period of tougher comparisons in the second half of the year, it will be difficult for them to maintain the same pace of sales growth that they've enjoyed in the first half.
Michael Niemira
This number together with the strong April employment performance assuages the fear that the economy was starting to decline.
Michael Niemira
There are loads of concerns out there, and as a result, the basic backdrop of this holiday season will be one that is much more uncertain.
Michael Niemira
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