SEASONAL SALES GROWTH
Retailers squeeze out some cheer with hefty markdowns
Although local retailers used the Black Friday phenomenon and rigorous promotions as best they could, the result was somewhat disappointing. While some performed better than expected in the rush to accelerate sales during the festive season, others delivered a mixed bag. As predicted, retail performance for the season was poor in general. "We didn’t expect very much and we didn’t get much," says Barclays Wealth & Investment Management analyst Chris Gilmour. Most retailers’ sales rose largely because of the Black Friday phenomenon. Most seasonal spending happened before December, he says. Sasfin Wealth senior equity analyst Alec Abraham does not entirely agree. "It could have been worse," he says. December seems to have been a better month than the preceding ones, although it could have been better. He says sales deteriorated before the season and he expects that to continue. Xtrade chief analyst Paul Sirani agrees, though he says it was something of a "mixed bag" for the big retaile...
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