Apparel Companies’ Shares Mixed After Strong Start to Holiday SalesMonday, November 28, 2011
Local apparel companies’ stocks were mixed Monday in New York midday trading following reports of strong national sales after the Thanksgiving holiday.
Shares of Huntington Beach-based clothing maker Quiksilver Inc. surged about 7% Monday, while Foothill Ranch-based teen retailer Wet Seal Inc.’s shares rose about 5%.
Shares of Anaheim-based action sports retailer Pacific Sunwear of California Inc. were down about 2%.
None of the three companies offered data on their weekend.
Sales reached an estimated $52 billion for the Black Friday weekend, according to Washington D.C.-based retail trade association National Retail Federation. That’s up from the $45 billion in sales consumers spent during last year’s Black Friday weekend.
The association’s sales estimate for the four-day weekend includes Thanksgiving, Friday, Saturday and a Sunday projection.
Cyber Monday, today’s online kickoff to the holiday selling season, is expected to lure 123 million shoppers to online deals, according to the National Retail Federation. Last year, 107 million shoppers went online for Cyber Monday deals.
Local retailers continued to offer deals into Monday.
Wet Seal’s Cyber Monday offer was 40% off all purchases. Pacific Sunwear was offering 30% off orders over $50.
Irvine-based action sports retailer Tilly’s Inc., which filed for a $100 million initial public offering in the summer, offered several Cyber Monday deals, such as 20% off Neff watches and a free hat from Costa Mesa-based Volcom Inc. with a purchase of $20 or more of the brand’s merchandise.