Pursuits
Retail Stocks Rally After Ross, Foot Locker Beat Estimates
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Retail stocks rallied on Friday after Ross Stores Inc., Abercrombie & Fitch Co. and Foot Locker Inc. reported better-than-expected sales, giving a boost to an industry that’s been battered in recent weeks.
A wide range of retailers advanced, helped by a broader stock resurgence and more encouraging results than investors saw last week from Macy’s Inc. and Nordstrom Inc. Even shares of Gap Inc., which lowered its annual forecast and doesn’t expect a sales rebound until spring, rose 7.5 percent on Friday.