Discounts drive up sales as Macy’s, Gap, Target

• Published February 08, 2013 Modified February 07, 2013

0 comments

Macy’s Inc., Gap Inc. and Target Corp. led U.S. retailers to the biggest monthly same-store sales gain in more than a year as shoppers snapped up discounted merchandise chains were clearing out after the holidays.

Same-store sales at Macy’s, the second-largest U.S. department-store chain, advanced about 12 percent, surpassing the average projection of 5 percent from analysts surveyed by researcher Retail Metrics Inc. Gap, the largest U.S. apparel chain, boosted sales 8 percent, doubling the average estimate of 4 percent. Target, the second-largest U.S. discounter, posted a gain of 3.1 percent, above projections of 1.7 percent.

Similar stories:

Retailers report modest gains for April

Retailers report modest gains for April

Americans spent briskly during the early spring months in the latest sign that they're encouraged by the economic recovery.
Macy's 1Q profit rises 20 pct on solid sales

Macy's 1Q profit rises 20 pct on solid sales

Macy's Inc. reported a 20 percent increase in first-quarter profit even though cool temperatures and economic worries dampened some of its shoppers' spending on spring clothes.
Holiday sales show promise, hurdles for retailers

Holiday sales show promise, hurdles for retailers

Retailers, economists and industry analysts all expect holiday sales this year to surpass 2011 totals, meaning the sluggish economy won’t be playing the role of Grinch. Deeper in the expected sales numbers, however, are trends that highlight an uneven recovery and turmoil in the retail sector.
Macy’s profits climb 20 percent

Macy’s profits climb 20 percent

Macy’s Inc. reported a 20 percent increase in first-quarter profit even though cool temperatures and economic worries dampened some of its shoppers’ spending on spring clothes.
Groups divided on Bangladesh safety overhauls

Groups divided on Bangladesh safety overhauls

The nation's largest retail industry organization fired back Friday, outlining reasons why a legally binding global pact to make Bangladesh clothing factories safer would expose merchants to undue legal exposure. The move came as U.S. retailers face increasing pressure from a large coalition of religious groups and investors to work together to develop a plan.