A last-minute surge in spending helped many major retailers report better-than-expected sales in December, a relief for stores that make up to 40% of annual revenue during the holiday period. Consumers had a lot to worry about this holiday, including the possibility of the U.S. economy falling off the “fiscal cliff.” But after spending cautiously during most of the season, they loosened their purse strings in the final shopping days. Twenty retailers reported sales in December rose an average of 4.5% compared with the year-ago period, according to the International Council of Shopping Centers. That’s on the high end of the expected range of 4% to 4.5%. Costco, Nordstrom and TJX Cos. were among the best performers. Target and Barnes & Noble had weaker results.
Holiday shoppers’ late spending surge saves big U.S. retailers
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