March Chain Store Sales ROCKET HIGHER, Even The Gap Surges 8%

gap

Retailers are slowly rolling out March same-store sales and the results are closely following last month’s results: sales are heading higher nearly across the board. 

Early reporters have logged impressive gains.

“We delivered solid sales performance in March and are pleased with customer response to product across all brands,” Gap Inc. CEO Glenn Murphy said.

The chain, which has been mired by middling results until recently, posted 11 per cent same-store sales growth at its Old Navy brand and a 9 per cent jump at core Gap North America.

Below, a round up of the early reporters. 

  • Costco (COST): Mar. Same-Store Sales +6.0 per cent, Street Expected +6.5 per cent
  • Gap Inc. (GPS): Mar. Same-Store Sales +8.0 per cent, Street Expected +4.4 per cent
  • Kohl’s (KSS): Mar. Same-Store Sales +3.6 per cent, Street Expected +2.1 per cent
  • Limited Brands (LTD): Mar. Same-Store Sales +8.0 per cent, Street Expected +4.4 per cent
  • Macy’s (M): Mar. Same-Store Sales +7.3 per cent, Street Expected +4.8 per cent
  • Nordstrom (JWN): Mar. Same-Store Sales +8.6 per cent, Street Expected +5.8 per cent
  • Ross Stores (ROST): Mar. Same-Store Sales +10.0 per cent, Street Expected +4.6 per cent
  • Stage Stores (SSI): Mar. Same-Store Sales +4.7 per cent, Street Expected +3.0 per cent
  • Target (TGT): Mar. Same-Store Sales +7.3 per cent, Street Expected +5.7 per cent
  • TJX (TJX): Mar. Same-Store Sales +10.0 per cent, Street Expected +4.8 per cent

In a note out to investors this week, Brian Tunick of J.P. Morgan said he expected the strong results, even against relatively difficult two year comparison figures.

“Up against the toughest two year comp stack of the year, the group posted a very strong comp of seven per cent in February and most investors are looking for a similar if not stronger result from March results,” Tunick said. “Assuming April weather cooperates, the group would be poised to post accelerating comps in Q1 on less inventory growth than they were running at the end of Q2 and Q3.”

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.