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Record-breaking sales reported

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Amazon ( AMZN ) saw the strongest growth on Black Friday

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Americans spent roughly $10.8 billion online on Black

Friday

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Shein, Temu also post strong results

By Siddharth Cavale

NEW YORK, Dec 6 (Reuters) - Walmart Inc ( WMT ),

Amazon.com ( AMZN ) and fast-growing e-commerce sites Shein and

PDD Holding's Temu saw record-breaking sales on Black

Friday and Cyber Monday, according to spending data, suggesting

that they may finish the holiday season on a much stronger note

than Target ( TGT ) and Best Buy ( BBY ), which struggled.

Holiday shoppers largely browsed at brick-and-mortar stores,

making more online purchases at some retailers, snapping up such

items as pre-owned Rolex watches, Pokemon cards and singer

Sabrina Carpenter's perfumes at Walmart ( WMT ), and Fire TV streaming

devices and Shark vacuums at Amazon ( AMZN ) during the deal-heavy week,

which at Amazon ( AMZN ) began on Nov. 21, according to company

statements.

Americans spent roughly $10.8 billion online on Black Friday

this year, up 10.2% from the previous year, then followed that

up by spending $13.3 billion on Cyber Monday, 7.3% more compared

to Cyber Monday in 2023, according to Adobe.

Among major retailers, Amazon ( AMZN ) saw the strongest growth on

Black Friday, with sales rising 6% compared to Black Friday a

year earlier, according to data firm Facteus, which tracks

online and in-store spending in the United States analyzing data

from banks, credit unions, payment processors, and fintech

companies. Its figures are not inflation adjusted.

Rival Walmart ( WMT ) saw 3% more spending compared to the

year-earlier period, while big-box chain Target ( TGT ) and consumer

electronics chain Best Buy ( BBY ) saw declines versus a year earlier,

Facteus said.

Among top performers on Black Friday, the day after

Thanksgiving, were low-cost China rivals Temu and Shein,

clocking double-digit percentage growth sales, albeit from a

lower sales base, Facteus said.

Similarly, on Cyber Monday, the Monday following

Thanksgiving, Amazon ( AMZN ), Walmart ( WMT ), Temu and privately held Shein saw

an increase in sales compared to Cyber Monday 2023, while Best

Buy's ( BBY ) declined versus a year earlier. Target ( TGT ) saw a modest

increase.

At Target ( TGT ), the muted sales performance came despite

exclusive merchandise partnerships with singer Taylor Swift and

the Broadway show turned Hollywood movie, "Wicked," which were

expected to give it a boost.

According to research firm Circana, Target's ( TGT ) exclusively

available Taylor Swift "Eras Tour Book" sold 814,000 print units

in just two days of launch, making it the second-highest adult

non-fiction release behind Barack Obama's "A Promised Land."

At Best Buy ( BBY ), which has struggled due to shoppers pulling

back on items like TVs and laptops, sales were 2% lower on Black

Friday and 4% lower on Cyber Monday compared to the year-ago

periods. Still, its shares are up 2% since Thanksgiving on Nov.

28, suggesting that investors expect a better performance ahead.

During the same seven-day period Walmart ( WMT ) and Amazon's ( AMZN ) shares

have risen between 3% and 7%, while Target's ( TGT ) and PDD's have

stayed flat.

Walmart ( WMT ) offered four times as many deals between Black

Friday and Cyber Monday on its Walmart.com marketplace,

resulting in its highest single sales day ever between Nov. 25

and Dec. 2, the company said in a blog post.

While the retailer did not specify which day was its sales

peak, it said top products included pre-owned Rolex watches,

refurbished Dyson vacuums, Pokemon cards, vintage LEGO items,

and beauty products from T3, BabylissPRO, Paul Mitchell, and

Victoria's Secret. Singer Sabrina Carpenter's Sweet Tooth was

the most coveted fragrance, it said.

Amazon ( AMZN ) said that the 12-day shopping period ending on Cyber

Monday resulted in record sales compared to the same period in

prior years, which Facteus confirmed.

Top sellers included Medicube devices, FireTV sticks,

Samsung TVs, Barbie, Play-Doh, Shark vacuums and air purifiers.

Shoppers bought a record number of items, generating its

highest-ever sales during a 12-day period.

Temu generated $53.3 million in sales on Black Friday and

$55.1 million on Cyber Monday, which were both records, Facteus

said.

Temu told Reuters in an email that toys, especially kids'

instruments and cameras, were popular.

Similarly, Shein, also hit new highs, with sales of $34.2

million on Black Friday and $38.9 million on Cyber Monday, the

data firm said.