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Holiday Sales Enjoy A Solid Opening.(A)
Byline: CHRISTINA WISE
U.S. stores kicked off the holiday shopping season, the industry's busiest period, with solid if unspectacular weekend sales.
Retailers rang up $12.4 billion in sales on Friday and Saturday, said research firm ShopperTrak. That's up 5.4% from a year ago.
"They were OK, but uneven -- good on some days, not so good on others," said Mike Niemira, an economist with the Bank of Tokyo Mitsubishi and a consultant for ShopperTrak, of the weekend sales. "On balance I think it's still in line with the broader expectation for a 5.5% year-over-year gain for the November-December period."
The National Retail Federation has predicted a 5.7% increase in holiday sales this year after 2002's disappointing season. The consumers it surveyed plan to spend $670 on average this year on gifts, decorations and other holiday items, up from $649 last year.
The group estimates 72% of consumers shopped over the weekend. The most frequently bought gifts included CDs, videos, clothing, toys and home furnishings.
Consumers charged $3.4 billion at retail stores on Friday and Saturday to their Visa cards, up 9% from a year earlier.
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