Retail trade group: Holiday sales up 3.8 pct, shy of 3.9 pct forecast - InfoNews

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Retail trade group: Holiday sales up 3.8 pct, shy of 3.9 pct forecast

This Nov. 28, 2013 shows sale signs at a Target Store in Colma, Calif. THE CANADIAN PRESS/AP, Jeff Chiu
January 14, 2014 - 6:48 AM

NEW YORK, N.Y. - A major retail trade group says holiday sales rose 3.8.per cent, just below the group's 3.9 per cent forecast.

The National Retail Federation said Tuesday that retail sales for November and December combined totalled $601.8 billion, according to the federation's analysis of government data.

The 2013 figure is higher than last year's 3.5 per cent pace. But sales came at the expense of profits as stores had to discount early and often to get shoppers to buy in an economy that is still challenging for many Americans.

In fact, last week, a slew of major retailers including American Eagle Outfitters, and Pier 1 Imports slashed their profit forecasts.

The figures include online sales.

News from © The Associated Press, 2014
The Associated Press

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