Retailers Slashing Prices Hoping To Recreate Black Friday, Early Estimates Say Unsuccessful

New York, NY (AHN) - Shoppers took to the stores early Friday to take advantage of last minute holiday shopping sales, return unwanted gifts, spend gift cards and take advantage of dramatic price cuts offered by retailers attempting to clear out old merchandise and boost their less-than-merry holiday sales figures.

Many stores opened their doors before 6 a.m., enticing shoppers with 50 percent to 75 percent off on toys, furniture, electronics and clothing. J.C. Penney had its earliest post-Christmas opening in history, with registers humming at 5:30 a.m. The chain even made wake-up calls to customers who signed up online.

According to the report, U.S. consumers spent an annualized 5.5 percent less in November and 8 percent less in December at retailers. The results are partly due to massive discounts as retailers attempted to move as much inventory as possible.

There is a positive note for online shopping, Amazon.com Inc. said on Friday it posted its "best ever" holiday season, with a record number of orders on Dec. 15, its peak day. Ina Bloomberg report, the Seattle-based online retailer didn't provide specific profit or revenue data but indicated its shares climbed as much as 4.9 percent.

However, with gift card sales down this holiday season and consumers looking to save money rather than spend it in light of the economic crisis. Big discounts and doorbuster specials still may not be enough to salvage retailers bottom lines as consumers watch theirs.

"The last week of December represents about 14 percent of Christmas sales," said C. Britt Beemer, chairman of America's Research Group. "You can't save a season with only one-seventh of the sales to go."

Over a dozen retailers, including Circuit City Stores Inc., sought bankruptcy protection in2008 as the credit squeeze and the U.S. recession froze funding sources. The preliminary holiday forecast results indicate further filings are possible, along with consolidation among similar companies.