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NRF reports Nov. retail up 5%

Dec 15, 2011

Washington--A strong Black Friday weekend helped to buoy sales in November, as consumers rushed out at the end of the month to take advantage of holiday promotions, the National Retail Federation (NRF) reported Tuesday.

The real test for retailers, however, will come this month when the majority of holiday shopping takes place.

According to the NRF, retail industry sales (excluding automobiles, gas stations and restaurants) were up 0.09 percent over October and 5 percent year-over-year.

Retail sales figures released by the U.S. Commerce Department have total retail sales (including automobiles, gas stations and restaurants) up 0.2 percent from October and 7 percent unadjusted year-over-year.

“Though consumers remain concerned about the economy, they are demonstrating an increasing willingness to spend this holiday season, not only on gifts but also on small luxuries for themselves,” NRF President and CEO Matthew Shay said. “While companies are encouraged by a strong start to the holiday season, the real test will come in December when the majority of holiday spending occurs.”

The NRF said Tuesday it is maintaining its 3 percent growth forecast for the holiday season but will be reevaluating that forecast this week in light of stronger-than-expected November and previous months’ sales.

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