Retailers’ sales continued to heat up
in June amid improving weather and discounting as chains looked to clear out
spring merchandise and prepare for the back-to-school season. One standout was
Gap, which continued to record strong sales. Its same-store sales growth of 7
percent handily topped expectations. Gap stores posted a 5 percent rise when 6.3
percent growth was expected, while Banana Republic's same-store sales declined
1 percent, compared with expectations for 0.7 percent growth. Old Navy recorded
13 percent growth, well ahead of expectations for 5.4 percent growth.
