February Retail Sales Stronger Than Expected

Washington, DC, March 1, 2012 — February retail sales were higher than expected as consumer confidence rose to its highest level in a year.

Discount retailers Target and Costco Wholesale Corp. along with teen retailers and others posted higher than expected numbers.

Overall, retailers reported a 6.7% increase for February, according to the International Council of Shopping Center’s survey of 20 retailers.

That’s above the 3 to 3.5% gain that ICSC had expected. February’s results marked the biggest gain since June 2011 when the index was up 6.9% as shoppers took advantage of deep promotions on summer merchandise.