Despite the challenges of the current economy, the survey forecasts a 3% increase in total retail sales for the year, hinging in part on expectations by 51% of those questioned that second-half sales will be higher. In a similarly troubled 2010 --- when 44% of CFOs surveyed by BDO were expecting higher second-half sales --- holiday sales were reported to have risen by 5.7%.

BDO, which has conducted the survey since 2007, said the 3% increase expected for the year was the most optimistic CFOs have been over all five survey years. Still, the professional services firm noted that the actual sales increase that the Commerce Department reported for last year was 4.7%.

The latest survey, conducted in August and September, examined the views of 100 CFOs at U.S. retailers, including many of the largest ones. It found concerns among 77% that weak economic conditions will continue. An economic turnaround in the next year was envisioned by 11%, although that represented a slight rise from the 9% last year who expected a turnaround in 2011.

"Despite low confidence levels, macroeconomic conditions are not weighing on the consumer's wallet as much as expected, and CFOs anticipate moderate spending levels to continue through the holiday season," according to Doug Hart, a BDO partner in the Retail and Consumer Product Practice. Hart added that while retail finance chiefs "may not anticipate a full recovery in the near future," neither are they echoing "gloom and doom in sales expectations."