According to a client note by Goldman Sachs Group analyst Irma
Sgarz, early feedback from retailers and trade associations
suggests that this year's year-end holiday sales "came broadly
in line with the already upwardly-revised expectations, with
average sales growth of around 5 percent in real terms." Yet,
while sluggish traffic in the first two weeks of December seemed
to suggest consumers were putting off Christmas purchases until
after being paid the second installment of their year-end
bonuses on Dec. 20, "the big push in the final days did not
materialize," she said on Friday.
According to Sgarz, apparel retailers including Marisa Lojas
SA and Lojas Renner SA led gains in sales,
pointing to double-digit sales growth at stores open for more
than 12 months. In the case of Grupo Pão de Açúcar SA
, Brazil's largest retailer, management at the company
"expressed a certain disappointment with traffic in its durables
stores, where same-store sales (growth) momentum remained below
the year-to-date trend of 8 percent, which may reflect the
unrelenting online migration in the space," the analyst noted.
E-commerce remains aggressive, with strong momentum for B2W Cia
Global de Varejo SA, the note said.