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As twilight fell on 2007, consumers were bombarded by the clarion calls of financial faultfinders and economic doomsayers warning of a dire holiday season for retailers.
Declining housing and credit markets, coupled with higher oil and food costs and one of the worst retail sales months in a decade this past October, had made Scrooges of us all, they claimed.
Even the retailers themselves were wringing their hands and gnashing their teeth, especially after the National Retail Federation (NRF) predicted that industry sales in November and December (excluding automobile, fuel and restaurant proceeds) would increase by just 4.0 percent, the lowest rate of growth since 2002.
As it turned out, the NRF was overly optimistic — retail sales were up just three percent during the last two months of 2007.
But what many “experts” did not foresee — and rarely do — is how their miserly missives affected future expectations. From Sept. 20, when NRF Chief Economist Rosalind Wells first warned of a “somewhat challenging holiday season” for retailers, to the day before Thanksgiving, retail stocks steadily drifted downward, as investors digested the negative news along with their holiday turkey.
Starting on Black Monday (the day after Thanksgiving), however, the situation stabilized and many retail stocks long since given up for dead made like Lazarus, despite the continuing barrage of pessimistic pundits echoing Wells’ concerns.
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Forward-Looking Statement: This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
