Seasonal

San Francisco -- Gap reported Thursday that its first-quarter earnings plummeted 23% as costs rose faster than expected, and the chain dramatically lowered its full-year earnings forecast.

Gap is spending about 20% more to produce each item than it did a year ago -- a much faster rise than it expected, the Associated Press reported.

Gap’s net income was $233 million for the quarter ended April 30, compared with $302 million. The performance was slightly better than analysts expected, however.

Atlanta -- Home Depot reported Tuesday that profit rose 12% in the first quarter, beating Wall Street estimates and causing the retailer to boost its outlook for the full year.

Home Depot earned $812 million in the quarter ended May 1, compared with $725 million in the year-ago period.

Revenue, however, slipped 0.2% to $16.82 billion on a weaker spring selling season, missing analysts’ expectations of $17.06 billion.

Same-store sales dipped 0.6%, with U.S. stores down 0.7%.

An increase promotional efforts in April contributed to Target’s 13.1% monthly same store sales gain, according to new data from the promotional intelligence firm Market Track.

Mooresville, N.C. -- Lowe's Cos. said Monday its first-quarter profit fell 6%, due in part by bad weather and difficult economic conditions. The chain cut its full-year outlook.

Lowe's reported net income of $461 million for the three months ended April 29, down from $489 million a year earlier. Its results missed estimates. Revenue fell 2% to $12.19 billion. Same-store sales were down 3.3%.

Many Walmart shoppers happen to be NASCAR fans, so it makes sense that the retailer would host exclusive events around big races in key markets.

In Charlotte, N.C., and Dover, Del., select Walmart stores will offer customers the chance to check out racing simulator machines and stock car displays and enjoy special driver appearances throughout the month of May.

New York City -- Victoria’s Secret will begins construction on a multi- million dollar renovation of its store in Miracle Mile Shops at Planet Hollywood Resort & Casino in Las Vegas in late May.

Construction will take approximately three-months to complete. The newly renovated 7,722-sq.-ft. store will serve as a prototype for Victoria’s Secret, featuring various design elements not found at any of its other Las Vegas locations. 

MENOMONEE FALLS, Wis. — Kohl’s reported that its first quarter diluted earnings per share increased 14% to 73 cents, in line with Citi and Stifel analysts expectations and with the company's updated guidance that EPS would be toward the high-end of 68 cents to 73 cents (provided on May 5). Net income for the quarter was $211 million, compared with $199 million (64 cents per diluted share) a year ago. Net sales were $4.2 billion, an increase of 3.1% for the quarter. Comparable-store sales for the quarter increased 1.3%.

MONTREAL — Mega Brands has entered a deal with Saban Brands to develop construction toys based on the kids' action series "Power Rangers Samurai," the latest Power Rangers franchise.

The Mega Bloks Power Rangers Samurai construction toy sets will launch in spring 2012, Mega Brands said. Mega Brands chief innovative officer Vic Bertrand said the new toys will offer fans "an engaging and immersive building experience."

New episodes of the "Power Rangers Samurai" series premiere Saturdays at noon on Nickelodeon.