Growth slow leading into Black Friday

Growth slow leading into Black Friday

The tides may have turned since the depths of the Great Recession, but shopping hasn’t rebounded back entirely, according to a year-over-year spending analysis released Wednesday by Intuit Inc.

Mountain View-based Intuit’s (NASDAQ:INTU) online personal finance service, Mint.com, examined the same group of retailers it did last year to see how American spending is changing. The group was selected from among more than 13,000 national retailers. All were top performers in the third quarter 2009, based on average monthly spending per user.

The companies surveyed and some of the results include:

  • Aeropostale – The clothing retailer grew 10 percent last year from its 2008 low, and grew again in 2010, up an additional 6.8 percent.
  • Best Buy – The electronics retailer recovered last year from a decline of 7 percent during the 2008 recession to show 1 percent growth. This year, the company is up an additional 4.1 percent.
  • Fry’s – Fry’s trailed competitor Best Buy dramatically in its recovery last year, but this year shows a 6.9 percent increase.
  • J.Crew – The clothing retailer showed 4 percent year-over-year growth in 2009, and looks strong heading into the holidays with a 9.2 percent increase in spending.
  • Sears – The department store’s sales last year showed 8 percent year-over-year growth, after falling off 10 percent at its recession low. This year the company posts growth again, with a 6.4 percent increase.
  • Target – One of the only retailers that remained down in 2009, reporting a 4 percent year-over-year decline, Target now posts 4.7 percent growth over last year.

Intuit said that each retailer saw most aggressive growth in the first half of 2010, with a universal drop in the third quarter as shoppers prepared for the onslaught of holiday shopping.

Read more: Growth slow leading into Black Friday | Silicon Valley / San Jose Business Journal

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