Article updated: 1/3/2013 10:12 AM

Retailers report higher December sales

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A last-minute surge in spending helped many major U.S. retailers report better-than-expected sales in December, a relief for stores that make up to 40 percent of annual revenue during the holiday period.

Associated Press

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A last-minute surge in spending helped many major retailers report better-than-expected sales in December, a relief for stores that make up to 40 percent of annual revenue during the holiday period. 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.