Holiday Shopping | featured news

Target Corp. is reporting a 5.2 percent drop in earnings for the fourth quarter, as the retailer pushed big discounts to get tight-fisted shoppers to buy during the holiday season.

Wal-Mart Stores Inc won over shoppers during the holiday season, with its Walmart U.S. division posting a 1.5 percent rise in sales at stores open at least a year.

With the rumblings from Amazon about the early success of its new Kindle Fire over the holiday season, the company’s disappointing fourth quarter results came as a surprise. More surprising was Amazon’s silence regarding total Kindle Fire sales for the quarter. During the earnings call, Amazon’s executive team deferred questions about the device to the press release, which simply regurgitated sales data from December.

Retail sales barely rose in December, but the gain was enough to lift sales to a record level for 2011. It marked the largest annual increase in more than a decade. Sales inched up 0.1 percent in December to a seasonally adjusted $400.6 billion, The Commerce Department said Thursday. It was the second straight month that sales have topped $400 billion. Never before had monthly sales reached that level.

The final weeks of 2011 were the economy's strongest since it appeared to be slipping toward recession in late spring.

A research firm says U.S. sales of consumer electronics fell 5.9 percent this past holiday season, as smartphones cannibalize sales of standalone gadgets like cameras, camcorders and GPS navigation devices.

When top retailers post their December sales this week, Wall Street analysts are expecting them to report a healthy end to the holiday season, helped by discounts, improved consumer sentiment and tactics like extended hours and layaways.

Struggling Sears Holdings Co., which controls the Kmart and Sears chains, has posted a list of 79 stores that will be shuttered after a disappointing holiday season.

A mall trade group says that last minute shoppers gave merchants a solid lift during the final week before Christmas. Sales at stores opened at least a year rose 0.9 percent for the week ended Saturday compared with the previous week and was up 4.5 percent compared with the same period a year ago, according to the International Council of Shopping Centers-Goldman Sachs Weekly Chain Store Sales Index, released Wednesday.

Between 100 and 120 Sears and Kmart stores will be closed, the retailer said Tuesday, after terrible holiday sales during what is the most crucial time of the year for retailers.