Photo: Chris Hondros / Getty
First the good news: Black Friday sales smashed expectations and set new records.Total sales were up 6.6% from last year to $11.4 billion, with customer traffic up 5.1%, according to ShopperTrak.
Oniine sales were up a massive 24.3%, according to Coremetrics.
Now the bad news: Stores make little money thanks to heavy discounting. Toys R US CEO Gerry Storch told CNBC it was the busiest day and the least profitable day of the year.
As for the economy, a strong Black Friday could mean the consumer more desperate for sales than expected.
Also check out Charles Hugh Smith’s essay on why holiday retail sales are America’s most overhyped indicator.
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