Retail sales in US witnessed a positive growth for the month of December 2012 with major retailers posting increased revenues when compared to the corresponding period in 2011.
The growth was largely attributed to the strong holiday shopping season with the retailers offering generous discounts.
Clothing retailer Gap reported a net increase of 5% to $2.08bn for the five week period that ended 29 December 2012, against $1.98bn in the previous year.
The positive growth was, however, lower than expected and has failed to enthuse retailers going into 2013.
Discount retailer Target, meanwhile, recorded a marginal sales improvement of just 0.8% for the month of December.
Commenting on the thin net sales increase Target Corporation chairman, president and chief executive officer Gregg Steinhafel remarked that the strong sales at the end of the month could not compensate for the weak sales over the month.
"Looking ahead to 2013, we will continue to focus on profitably growing Target’s market share by combining unique merchandise, convenience, value and an unbeatable guest experience across our stores, online and mobile channels," added Steinhafel.