October Sales Increase Heading Into the Holiday Season

Major U.S. retailers including Costco Wholesale Corp and Gap Inc. reported same-store sales gains for October. Nine U.S. retailers reported an overall 3.7 percent increase in sales at stores opened for at least a year, but are still cautious about the holiday season. However, the International Council of Shopping Centers is forecasting same-store sales to rise 3 to 4 percent in November. The increase is supported with news of the end of the 16-day U.S. government shutdown and a snap of cold weather prompting consumers to add to their winter wardrobe.