Penney, Dayton Hudson Holiday Sales Slow
There was more Grinch than glory at some of the nation’s largest stores this Christmas.
Shoppers watched their wallets at J.C. Penney and Dayton Hudson Corp. stores.
Penney reported comparable store sales for the four weeks ended Dec. 28 rose just 6.2% from a year ago, and sales for the combined November and December rose just 4.5%.
Dayton Hudson said its comparable stores sales increased 4.2% from a year ago, with its Target discount chain increasing 7.1%, Mervyn’s stores gaining 4.1% and department stores rising just 0.3%.
While most retailers won’t report their December sales until Jan. 9, Thursday’s reports suggested the season will fall short of expectations.
Despite reports of brisk buying the first weeks of the season, many retailers failed to keep up that pace through Christmas. Steep levels of credit card debt, foul weather and five fewer shopping days between Thanksgiving and Christmas contributed to the slowdown.
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