Tuesday, December 23, 2003

Chicago Tribune | Sales disappoint; stores cut prices:
"Against a backdrop of disappointing sales over the weekend, major retailers including Sears, Roebuck and Co. and Federated Department Stores Inc. are cutting prices, analysts and merchants said Monday.

Many retailers, in addition to the discounts, are extending hours to attract procrastinating shoppers and salvage slower-than-forecast holiday sales."


Analysts said they saw little reason to change their assessment of the holiday shopping season, which has not delivered on expectations for a strong rebound from last year's disappointing performance.

"It certainly is not going to be a barnburner holiday," said Robert Mettler, who heads Federated's Macy's West division. "We're seeing the continuing trend of buying closer to need. That's a bit nerve-wracking."

Analysts said anecdotal reports suggested weekend sales were good, but not great, across the sector. The Saturday before Christmas is usually the busiest shopping day of the year for retailers.

Retailers finally got a snowstorm-free weekend after back-to-back weekend white-outs in parts of the Northeast, but the U.S. Department of Homeland Security raised its color-coded terror alert level to orange on Sunday, its second-highest level, warning of a high risk of attack.

That may have kept some shoppers away from the major malls.

http://www.chicagotribune.com/business/chi-0312230251dec23,1,1382815.story

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