By Anne Steele
Chain-store sales edged 0.5% higher in the week ended Saturday--which included Thanksgiving Day and Black Friday--from the previous week on a seasonally adjusted, comparable-store basis, according to data compiled by Goldman Sachs and Retail Economist LLC.
"Bargain hunting was in full bloom this past week," Michael Niemira, chief economist of Retail Economist, said Tuesday, adding that wholesale clubs were the best performers by store segment. "As the holiday season continues to unfold, consumers will focus more on gift-buying than bargain-finding purchases," he said.
Roughly two-thirds of consumers began their holiday shopping, a high percentage relative to recent history for the week.
Year-to-year, sales notched a moderate 1.5% increase.
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(END) Dow Jones Newswires
November 29, 2016 08:07 ET (13:07 GMT)
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