More Young Shoppers Head to Department Stores
Los Angeles, The National Retail Federation’s (NRF) 2006 holiday season survey has found that more college-aged shoppers will be hitting department stores this year to do their shopping. The Holiday Consumer Intentions and Actions Survey found that 79% of shoppers ages 18 to 24 planned to shop at department stores during the holidays, up from nearly 73% last year.
While nearly three-quarters of American consumers plan to shop at discount stores this holiday, nearly 62% are headed to department stores, the study found, with 48% shopping at specialty stores and 47% looking to the Web for their gifts.
The average consumer plans to spend $791.10 on presents this holiday, up from $738.11 in 2005, according to the study, an increase boosted by lower gas prices and rising consumer confidence.
RILA Backs Bush’s New Law
Arlington, Va., President George W. Bush signed the Security and Accountability for Every (SAFE) Port Act into law on Friday at a White House ceremony. The legislation enhances the multi-layered, risk-based cargo-security system the U.S. government has developed since Sept. 11, 2001. The Retail Industry Leaders Association (RILA) congratulated the bipartisan effort that resulted in the bill’s approval by Congress.
“All Americans can celebrate the signing of the SAFE Port Act into law,” RILA senior VP Paul Kelly said in a statement. “This comprehensive cargo-chain security legislation is now the law of the land, thanks to months of hard work by a bipartisan group of lawmakers, who worked with private sector stakeholders to develop comprehensive legislation that builds on the current supply chain security system.”
Costco 4Q Earnings Edge Up
Issaquah, Wash., Costco Wholesale Corp. said Thursday fourth-quarter earnings edged up 1%, driven by a 19% revenue increase, an unexpectedly strong operating performance late in the quarter and lower-than-expected workers’ compensation costs.
Net income grew to $355.6 million for the period ended Sept. 3, from $354.7 million a year ago. Revenue increased to $19.9 billion from $16.7 billion last year. Same-store sales rose 8%.
Net income for fiscal 2006 increased to $1.10 billion, from $1.06 billion a year ago. Revenue rose to $60.2 billion from $53 billion.