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Warmer weather boasts sales in May
New York -- Costco Wholesale Corp. was among the retailers who topped sales expectations in May as warmer weather encouraged consumers to go out and shop.
Costco’s same-store sales rose 6% in May, with a 6% rise in U.S. sales and a 4% increase in international sales, better than analysts had expected.
At L Brands, owner of Victoria's Secret and Bath & Body Works, same-store sales were up 3 in May, better than projections. Total revenue for the month rose 4% to $763.6 million.
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Gap Q1 income drops 22%; Athleta on track for 100 stores by year-end
San Francisco -- Gap Inc. on Thursday said its first-quarter profit dropped 22%, hurt by weakening foreign currencies.
The retailer earned $260 million in the three-month period ended May 3, down from $333 million in the year-ago period. Revenue increased 1.2% to $3.77 billion. Same-store sales were down 1%.