Thanksgiving Weekend Retail Sales Drop Could Be First in Seven Years

Doesn't bode well for holiday shopping season

A number of U.S. apparel retailers on Thursday reported downbeat sales results at established stores in November, despite deep discounts and aggressive promotions on Black Friday weekend.

The National Retail Federation estimates Thanksgiving weekend sales declined 2.7 percent from last year, said to be the first drop in seven years. NRF also estimates that shoppers on average spent 4 percent less than last year.