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

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.