FILE PHOTO: One of the 68 Macy’s Inc stores the company plans to close is shown at the Mission Valley Center mall in San Diego, California, U.S. January 5, 2017. REUTERS/Mike Blake
November 27, 2017
(Reuters) – Shares of retailers such as Macy’s Inc <M.N> and Wal-Mart <WMT.N> were up on Monday following a promising start to the holiday season and ahead of what is expected to be the largest U.S. online shopping day in history.
Adobe Analytics said Cyber Monday is expected to drive $6.6 billion in internet sales, which would make it the largest U.S. online shopping day in history. The research firm had previously reported Cyber Monday sales of $3.45 billion last year but restated that figure to $5.6 billion following a change in its methodology of calculating sales.
Data for Cyber Monday sales are expected at around noon eastern time.
Record online sales were seen on Black Friday and Thanksgiving, when shoppers bagged deep discounts and bought more on their mobile devices, brightening the overall outlook for those traditional retailers that have expanded beyond brick-and-mortar outlets. [nL1N1NU0GH
Macy’s shares were up as much as 2 percent in premarket trading on Monday, while Wal-Mart rose 0.6 percent. J.C. Penney’s <JCP.N> shares were the highest gainers, rising 2.7 percent. Target <TGT.N>, Kohl’s <KSS.N>, Amazon <AMZN.O> and Urban Outfitters’ <URBN.O> stocks were also slightly higher.
(This story corrects to show Adobe’s recently restated Cyber Monday 2016 sales and removes reference of doubling sales in paragraph two.)
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Bernard Orr)
