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Retail sales barely rose in December, but the gain was enough to lift sales to a record level for 2011. It marked the largest annual increase in more than a decade. Sales inched up 0.1 percent in December to a seasonally adjusted $400.6 billion, The Commerce Department said Thursday. It was the second straight month that sales have topped $400 billion. Never before had monthly sales reached that level.
Senh: I'll give you this bit of good news, but the bad news.
When top retailers post their December sales this week, Wall Street analysts are expecting them to report a healthy end to the holiday season, helped by discounts, improved consumer sentiment and tactics like extended hours and layaways.
Big chains report an 8.9% increase from a year earlier, led by discounters and apparel stores. A later Easter is considered only partly responsible for the big jump.
Nintendo said it will launch its 3-D hand-held videogame system in February, damping speculation that it would launch the product in time for the year-end holiday shopping season.