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Spending gains in October could cannibalize holiday sales
NEW YORK — Americans spent briskly in October before superstorm Sandy hit the Northeast at the end of the month. But the question is whether they’re still willing to buy an iPhone for Christmas if they plunked down hundreds on a generator for Sandy?
The storm, which hit the East Coast on Monday, did not appear to negatively impact sales during the month: Twenty-one retailers from club operator Costco to department store Macy’s reported that sales in October through last Saturday were up 5 percent compared with the year-ago period, according to the International Council of Shopping Centers, beating the trade group’s estimated growth of 3.5 percent to 4.5 percent.
• From wire dispatches and staff reports
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