Retailers appear to have been rescued at the last minute, according to data from the International Council of Shopping Centers. Shoppers looking for deals the week before Christmas -- and making up for the day lost to stormy weather on the East Coast -- spent aggressively, sparing the retail sector a dismal 2008-like performance.

The healthy conclusion to the holiday season led to a positive change from November and made December one of only three months (including September and October) in which retail sales increased year-over-year.

MasterCard Advisors (NYSE: MA) service SpendingPulse says luxury and electronics sales headed upward last month, in a pleasant deviation from what became the norm all too long ago. A few other product categories posted gains as well – showing stability, if not a recovery. But, at this stage of the game, we'll take what we can get, right?

Luxury sales, not including jewelry, gained 3.4% year-over-year – that's an increase of $891 million. Last September, luxury goods suffered a 9.4% decline. Yet, this category is still below its September 2005 level of $94 million. Jewelry sales gained 1.2% relative to last year, compared to a year-over-year decline of 5.8% a year ago. Compared to apparel sales, this is a profound turn. In September 2008, the clothing category was off 5.7%, and this September, it was down only 2.9%.

The new Neiman Marcus Christmas Book looks a bit different this year. Yes, it's still geared toward the typical Neiman clientele, but it reflects the fact that the usual customers may not be doing as well -- or spending as much -- this year as they did last year. The retailer is facing the fact that it will have to sell lower-priced items this Christmas, because that's what the public will have to buy (even the wealthy corner of the public).

Close to half the gifts listed in the 83rd edition of the Neiman Christmas catalog cost less than $250, and some of them are actually practical (though a bit pricey for most people). In the past, the number of gifts at this price-point would be in the 30% to 40% range.

Hing-end retailer Nordstrom Inc. (NYSE: JWN) is heading into the holiday shopping season in fine shape. There doesn't seem to be any slow-down in consumer spending for designer and luxury items. 3Q 2007 total sales increased 5.3% to just under $2 billion, and net earnings increased $30 million to $165.7 million or $0.68 diluted EPS. The all important same store sales figure increased 2.2%, less than its competitors, but still an increase. On the flip side, gross profit decreased due primarily to large markdowns caused by deficiencies in inventory management. Administrative expenses and cost of sales decreased as the company tried to control costs.

Nordstrom has plenty of competition in high-end retailing, and is concentrating on growing market share with the opening of 4 new stores in 3Q alone. Nordstrom sold off its remaining interest in Façonnable in 3Q, and netted about $21 million from the deal. The company has earmarked $3 billion in capital expenditures for 2008-2012, primarily for new stores and existing store remodels. Nordstrom has also authorized up to $2.5 billion for stock repurchase, as management feels very confident in the company's ability to generate positive cash flow. The company spent $750 million during 3Q 2007 to repurchase 16.4 million shares. Nordstrom will also pay out a dividend of $0.135 in December. Presently, the company is sticking with its previous FY guidance of $2.87-$2.91 diluted EPS.

The stock closed yesterday at $34.21, up $3.69 or 12% on the earnings news, though it is down slightly in trading this morning.