Sales at U.S. retailers rose last
week, led by demand for luxury goods at chains such as Nordstrom
Inc., as merchants sought to make up sales lost earlier in the
holiday-shopping season to snowstorms.
Sales at stores open at least a year rose 5.7 percent from
the year-earlier period, according to the International Council
of Shopping Centers-UBS retail chain store index, which tracks
the results of 79 companies. Sales rose 0.6 percent from the
prior week.
More people are buying gift cards, which will be counted as
sales only when they’re redeemed after Christmas, and consumers
are shopping at the last minute amid job concerns. Discount
chains are struggling, the survey said. Target Corp.’s sales were
less than forecast in the past week, and Wal-Mart Stores Inc.’s
December sales were near the low end of its estimates.
Bloomberg News
