The National Retail Federation reported that Black Friday sales were higher this year than last, with almost 212 million people out shopping over the weekend. This is an increase of 8.7% over last year. On average, shoppers spent $365.34 per person, up $23 from last year. JP Morgan Analyst Charles Grom wrote in a note to clients that most retailers will likely “beat Street estimates by a wide margin” when they report same store sales this Thursday.
“The consumer continued to show resilience as November started strong and Black Friday did not disappoint,” Grom wrote, predicting that Penney’s, Kohl’s Corp, as well upscale chains Saks Inc and Nordstrom Inc would report same store sales far above Wall Street estimates.