Thanksgiving weekend sales total $45 billion U.S. retail sales during Thanksgiving weekend totaled $45 billion as more shoppers scooped up discounted jewelry and toys, according to the National Retail Federation.
The average shopper spent $365.34 over the holiday weekend, a 6.4 percent increase from last year, the Washington-based trade group said Sunday, citing a survey conducted by BIGresearch. The percentage of shoppers buying jewelry climbed to 14.3 percent from 11.7 percent a year ago.
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More people were scouring for deals earlier, with the number of customers shopping on Thanksgiving Day more than doubling over the past five years, the NRF said. Retailers are wooing customers to make the most of their biggest shopping period, with promotions from $7.88 slow-cookers at J.C. Penney Co. to $5 Barbies at Wal-Mart Stores Inc.
Black Friday is so named because many retailers become profitable that day. Analysts’ estimates for holiday sales vary from little changed to increases of as much as 4.5 percent. The NRF predicts a gain of 2.3 percent to $447.1 billion after an uptick of 0.4 percent last year and a 3.9 percent drop in 2008. – Bloomberg
BP to sell stake in Pan American Energy for $7.06b
LONDON — BP PLC is selling its 60 percent stake in Argentina oil and gas producer Pan American Energy for $7.06 billion as part of its strategy to sell off tens of billions of assets to help pay for the massive oil spill in the Gulf of Mexico.
The British oil giant said Sunday that Argentina’s Bridas Corp., which already owns 40 percent of Pan American, will buy out BP’s stake. The deal is expected to be completed in the first half of 2011. BP announced this summer that it would sell up to $30 billion in company assets as cleanup and response costs mounted and it faced billions of dollars in government fines and legal claims.
BP expects to spend nearly $40 billion to handle the Gulf oil spill, which was sparked by an April 20 rig explosion that killed 11 workers. – AP
