New York City, Consumer confidence soared in November as declining gasoline prices and an improving job market contributed to better-than-expected reading that could bode well for the holiday shopping season. The Conference Board said on Tuesday that its Consumer Confidence Index rose to 98.9 this month from 85.2 in October. Analysts had expected a reading of 90. The better-than-expected results reversed a two-month decline.
“A decline of more than 40? in gasoline prices this month and the improving job outlook have combined to help restore consumers’ confidence,” said Lynn Franco, director of The Conference Board Consumer Research Center.
GameStop Has Tough 3Q
Grapevine, Texas, GameStop Corp. reported a net loss of $2.5 million in the third quarter, which includes $18.8 million in expenses related to the retailer’s merger with Electronics Boutique. That compares with net earnings of $12.1 million in the year-ago period.
Sales for the third quarter grew 28.2% to $534.2 million despite a 12% decline in same-store sales.