November Comp Sales Beat Estimates

Fueled by early holiday discounts and marketing efforts, U.S. retailers recorded November same store sales that exceeded analysts’ estimates, according to a report by Retail Metrics, reported Bloomberg News. Same store sales for retailers, including Costco Wholesale Corp., L Brands and Gap Inc., rose an average of 5.2 percent. Analysts estimated a gain over November 2013 of just 3 percent.

Gap Inc. (San Francisco) reported comparable store sales growth of 6 percent, far exceeding estimates of a 1.6 percent decline. Old Navy fueled the growth, according to the company, with an 18 percent jump in same store sales last month. At L Brands (Columbus, Ohio), comparable store sales rose 8 percent last month, topping estimates of a 4.1 percent increase. Costco (Issaquah, Wash.) stores also exceeded estimates, recording a 9 percent sales increase, beating a forecasted 5.7 percent gain.