NEW YORK (AP) - Better-than-expected retail sales in December have some retailers seeing their stocks soar today.
Among those seeing a jump is Sears Holdings Corporation, which operates Kmart as well as Sears, Roebuck and Company. Sears offered fourth-quarter profit outlooks that are sharply above Wall Street estimates.
Ken Perkins, the head of a retail research firm, says the holiday season was saved by a last-minute surge. In general, holiday shoppers picked up discounted flat-panel TVs, computers and smart phones and hard-to-find hot toys. When it came to clothing, they stuck with the practical, like socks, boots and coats.
Perkins summed up the retail season by saying, "Santa didn't deliver coal, but he certainly didn't deliver caviar."
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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