NEW YORK (January 3, 2013)--Many major retailers are reporting better-than-expected sales in December thanks to a last minute spending surge, which comes as a relief for retailers that make as much as 40 percent of their 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 percent 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 percent to 4.5 percent.
Costco, Nordstrom and TJX Cos. were among the best performers. Target and Barnes & Noble had weaker results.