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NEW YORK (AP) — 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, 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.
That underscores that many people were not only buying gifts for others but throwing in items for themselves, including high-priced push-up bras and shoes.
The results are based on revenue at stores opened at least a year and are considered a key indicator of a retailer's health.
"I feel it is going to be a solid holiday season," said Madison Riley, retail strategist at Kurt Salmon Associates. "Still, shoppers are being careful."
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