NEW YORK - Major retailers say they saw a last-minute surge in spending that helped them report better-than-experienced sales in December, a relief for stores that make up to 40% of their annual revenue during the holidays.
Although many consumers worried about the possibility of the "fiscal cliff", shoppers loosened their purse strings in the final shopping days.
Twenty retailers reported sales in December rose about 4.5% compared with the two-year period, according to the International Council of Shopping Centers. That is on the high end of the expected ranger between 4 to 4.5%.
Nordstorm, Costco, and TJX Cos. were among the best performers. Target and Barnes & Noble had weaker results.