New York City Gap, Aeropostale and Limited Brands were among the specialty retailers that beat Wall Street expectations in March as an early Easter and warm weather boosted spending.
Gap said Thursday its March same-store sales increased by 11%. Wall Street analysts expected an increase of 3.7%, according to a survey. The company reported increases across all its banners: Gap’s namesake division had an 11% increase; at Banana Republic North America, sales were up 10%; and Old Navy North America posted a 13% gain.
Total sales for the five weeks ended April 3 rose to $1.45 billion, from $1.29 billion, in the year-ago period.
Aeropostale reported a 19% jump in March, beating analysts' expectations of 11.2% growth. Total sales for the fiscal month grew 25% to $200.1 million. The company said the results, which prompted it to raise its earnings guidance for the first quarter reflected its strong spring line, improved margins, inventory control and an earlier Easter holiday this year.
Limited Brands’ same-store sales grew 15% in March, easily beating Wall Street's expectations. Total sales for the five weeks ended April 3 climbed 16% to $746.9 million, from $646.2 million.
In other March same-store sales results:
The retailer reported that year-to-date same-store sales grew 5%, while total sales rose 18% to $473.4 million. International sales more than doubled to $79.1 million, while direct-to-consumer merchandise sales climbed 38% to $45.6 million.