Market News

Retailers Score a Win Through Black Friday Weekend

On Tuesday, Adobe Analytics (ADBE) stated that sales of $11.8 billion on Cyber Monday exceeded Black Friday sales of $9.12 billion. These strong sales numbers also surpassed Adobe Analytics’ prior forecast of sales in the range of $11.2 billion to $11.6 billion for the Black Friday weekend.

Shopify (SHOP) also stated on Monday the e-commerce platform had record sales over the Thanksgiving weekend.

It appears even retail giant Walmart (WMT) saw sales soar during this weekend as the retailer offered Walmart+ members a preview of the shopping deals available.

Bank of America analyst Robert Ohmes commented on WMT stores during the Thanksgiving weekend, “In the stores we visited, traffic appeared very strong, esp. in electronics, grocery & toys. TVs in particular seemed to be moving very well, as did bicycles, smart watches & tablets. We observed healthy traffic in seasonal, while traffic in home/household appliances was somewhat lighter vs. past years.”

Shares of WMT have risen by more than 10% in the past year.

Other retailers including Target (TGT), Gap (GPS), and Kohl’s (KSS) could also have benefitted from this blockbuster weekend as they had each started their holiday promotions earlier than usual to clear surplus inventory.

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