Report Shows Jump In U.S. Christmas Sales, Jewelry Sales Soar

It was certainly a happy Christmas for most U.S. retailers, according to the National Retail Federation (NRF) which reported a 5.2 percent rise on the year in sales. And Reuters cited analysts Thomson First Call estimating 23 percent year-over-year earnings growth for its luxury retail segment, which includes jewelers Tiffany and Co, Zale Corporation and Friedman's.

Holiday season retail sales in the GAFS category - general merchandise stores, clothing and clothing accessories stores, furniture and home furnishings stores, electronics and appliances stores, and sporting goods, hobby, book and music stores - increased 5.2 percent over the same period of last year to $216.32 billion, the NRF said.

And it believes the rise may have been even stronger due to strong sales in the week after Christmas which may not have been fully included. The NRF anticipates an upward revision for holiday sales figures in February.

The 5.2 percent holiday sales growth was more than double the 2.2 percent growth seen during the 2002 holiday season.

The NRF forecasts that GAFS sales will increase 5.0 percent in 2004 on the 2003 performance.

 “From electronics to apparel, most retail sectors experienced strong holiday gains,” said NRF Chief Economist Rosalind Wells. “A variety of economic and social factors came together just in time for the most important shopping season of the year.”

Electronics and appliances stores were the most sought-after category in December, with sales soaring 12.4 percent unadjusted over last year and rising 0.4 percent adjusted month-to-month.