ICSC: Sales surge 5.3% in last week of December

New York City -- A report released Wednesday by the International Council of Shopping Centers and Goldman Sachs said that post-Christmas shopping surges propelled U.S. same-store sales significantly forward during the week after Christmas.

According to the ICSC-Goldman Sachs Weekly Chain Store Sales Index, which estimates sales for 24 major retail chains, same-store sales rose 5.3% during the week ended Dec. 31. The mall trade group cited increased gift card use, mild weather and a federal holiday on Monday as contributors to the sales increase, and has upped its December sales growth projections to a 4% to 4.5% rise from a previously expected 3.5% to 4% increase.