Last-minute holiday shopping gave retail sales an end-of-the-month boost, according to the weekly report by the Bank of Tokyo-Mitsubishi and UBS Warburg.
U.S. chain store sales jumped 2.1 percent in the week ended Dec. 28, 2002, after just a 0.1 percent gain in the preceding week, according to the joint BTM/UBSW economic report.
“Late Christmas buying ahead of the 25th and post-Christmas shopping after the holiday propelled sales for the week to an on-to-above-plan performance for retailers,” the report said.
Sales compared to last year grew by 2.9 percent, up from a 1.7 percent year-over-year growth rate reported in the previous week.
The weekly BTM/UBSW Chain Store Sales Snapshot is compiled from seven major discount, department and chain stores across the country that report their weekly results. The index measures sales growth, with the year 1977 equaling 100.