Generous discounts lured American to stores for holiday gifts in November, providing cheer and robust sales gains for retailers. That raises hopes, already buoyed by reports of crowded malls over the crucial Thanksgiving weekend, for a strong holiday shopping season.
As retailers report their monthly results Thursday, it showed that many different types of shoppers were in the mood to buy, from the affluent to teens. Stores reporting gains that topped Wall Street expectations included Costco Wholesale Corp., Target Corp., the owner of Victoria’s Secret and teen retailer Abercrombie & Fitch.
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