Pursuits
Gap, Target Sales Top Analysts’ Estimates on Warmer Weather
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Gap Inc. and Target Corp. were among U.S. retailers posting February same-store sales gains that topped analysts’ estimates as unseasonably warm weather boosted purchases of spring merchandise.
Sales at Gap, the largest U.S. apparel chain, climbed 4 percent, beating the average projection for a 1.4 percent drop from analysts surveyed by Retail Metrics Inc. The shares surged. Target, the second-largest U.S. discount retailer, posted a 7 percent same-store sales gain, topping the 5 percent estimate.