Retail sales resilient in final holiday stretch

Retail sales look poised for a solid finish to the holiday season as consumers hit stores and went online to snap up last-minute gifts and deals, according to data released on Wednesday.

Still, overall sales growth lagged the increase in online spending and some brick-and-mortar retailers struggled. Steep discounts were prevalent throughout the season, tactics that drove sales but could crimp profitability at some chains.

Sales in the week ending December 24 soared 14.8 percent to about $44 billion, according to ShopperTrak, a shopper-counting company. Sales on December 26, which landed on a Monday this year, soared 25.5 percent to $7.1 billion, it said.

Sales in the week ending December 24 soared 37.8 percent from the prior week, ShopperTrak said, suggesting procrastinators were drawn in by offers and good weather helped after snowstorms blanketed areas at the same time last year.

Read Full Article from Reuters

- Posted: 2011-12-28 15:45:28

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