Macy’s, Gap and Target led retailers in January to the biggest monthly same-store sales gain in more than a year as shoppers snapped up discounted merchandise that 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.
“After three or four years of tough recessionary pressures, consumers and retailers aren’t fatigued,” Paul Swinand, an analyst for Morningstar Inc. in Chicago, said.
Retail Metrics estimated same-store sales would rise of 2.8 percent last month after a gain of 2.6 percent in December.
The data was the last monthly sales report for four of the largest retailers as Target, Macy’s, Nordstrom and Kohl’s will change to providing same-store sales only quarterly.
Macy’s, based in Cincinnati, rose 2 percent to $40.27. Gap, based in San Francisco, fell 3 percent to $32.23. Minneapolis-based Target slid 0.6 percent to $62.30.
Macy’s said preliminary fourth-quarter profit was $1.94 to $1.99 a share, up from a previous projection of $1.91 to $1.96.