For retailers, a merry season indeed
Strong December gains helped retailers beat holiday sales projections, according to the National Retail Federation.
Preliminary holiday sales, which combine the full months of November and December, were up 5.7 percent from a year ago to $462 billion, surpassing NRF”™s forecast of 3.3 percent. It represented the best year-over-year gain since 2004 when holiday sales increased 5.9 percent.
In Connecticut, retail employment was up 0.9 percent from a year ago, according to estimates by the state Department of Labor.
“Retailers did a tremendous job planning for the season by managing inventory and hitting the right price points that helped them tap into pent up demand,” said NRF CEO Matthew Shay, in a prepared statement.
GE unit acquires $400M portfolio
The Stamford-based GE Capital Retail Consumer Finance unit of General Electric Co. is acquiring the credit card programs for The TJX Cos., which operates T.J. Maxx, Marshalls and HomeGoods.
GE is taking on the $400 million portfolio from JPMorgan Chase. Deal terms were not disclosed.
GE Capital Retail Consumer Finance”™s portfolio totals 40 million account holders and more than $28 billion in assets, providing private label credit card programs, bankcards and financial services for consumers.
Ethan Allen plans media blitz
Furniture retailer Ethan Allen Interiors plans a media blitz in the current quarter, increasing direct mail spending by half over a year ago.
Danbury-based Ethan Allen increased sales 21 percent to $173 million in its second fiscal quarter ending Dec. 31, and the company had a $14.7 million profit.
“The Great Recession has afforded us an opportunity to reinvent and restructure many aspects of our (company),” said Farooq Kathwari, CEO of Ethan Allen, in a prepared statement. “While the economic recovery is still in the early stages, we remain cautiously optimistic and continue to take steps to grow our business.”
