Shares of Gap Inc. jumped after the apparel company reported healthy sales growth in February.
Gap (GPS) stock was briefly halted after the numbers were inadvertently released ahead of schedule due to a "vendor error," according to a Gap spokesperson. Shares rose 3% after trading resumed.
The report was set to be released after the market closed, but a transcript of a pre-recorded conference call detailing the sales growth was accidentally posted online by a vendor early Thursday.
Until recently, Gap has announced its monthly sales data before the market opened, but the company changed its policy this fiscal year, and now reports after the market close. Apparently, someone did not get the memo.
The snafu did not go unnoticed by traders on StockTwits.
Nice try bradloncar. But not quite.
Despite the awkward way in which the news came out, investors seemed pleased with Gap's sales growth in February.
Gap said sales at stores open at least a year, a metric known as same store sales, rose 3% in February, after accounting for changes in the company's fiscal year. That's better than the 2% most analysts were expecting. Net sales rose 11% in the month.
Good point. Investors have been concerned that retail sales could lose momentum as higher payroll taxes start to hit consumer spending. But, overall same store sales were slightly better than expected in February.
You can add Darden Restaurants, the owner of the Red Lobster and Olive Garden chains, to the growing list of consumer companies blaming a weak economy for a poor sales outlook.
Darden (DRI) said that it expected pretty steep drops in same-store sales at most of its chains for the fiscal third-quarter. That quarter ends next week. Darden will officially report its results in March.
Darden's CEO specifically cited the payroll tax MOREPaul R. La Monica - Feb 22, 2013 12:21 PM ET
The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks.
Today's personal income report may not get much attention for a lot of reasons. If a piece of government data falls in a forest and nobody's around because they're bracing for Hurricane Sandy, does it make a MOREPaul R. La Monica - Oct 29, 2012 12:38 PM ET
Investors are discerning shoppers when it comes to retail stocks.
The clear winners appear to be big-box stores such as Wal-Mart and Target, while specialty outlets such as office supply chain Staples are bringing up the rear.
Shares of Target (TGT) rose to a new 52-week high Wednesday after it reported better-than-expected quarterly earnings and raised its forecast for full-year profits. The stock has gained 26% so far this year, outperforming Wal-Mart's MOREBen Rooney - Aug 15, 2012 2:13 PM ET
Who doesn't like pizza? Whether it's hot out of the oven or cold leftovers from the fridge the morning after some late-night reveling, pizza is a go-to meal for many Americans. And that's been great news for Papa John's (PZZA). The company reported earnings that topped forecasts Wednesday morning, sparking a nice pop in the stock.
Traders on StockTwits debated the merits of Papa John's food (and stock) versus its key MOREPaul R. La Monica - Aug 1, 2012 11:44 AM ET
Talk about your organic growth! Shares of grocer Whole Foods Market (WFM) surged nearly 10% after the company reported results late Wednesday that were far better than estimates.
The rally has to be considered vindication for anyone who stuck with the stock after it got pummeled Friday following a disappointing report from Chipotle Mexican Grill (CMG). Shares fell 7%.
That sell-off was silly. I even called the dip in Whole Foods on MOREPaul R. La Monica - Jul 26, 2012 12:59 PM ET
The annual Macy's 4th of July fireworks show in New York City provided the usual oohs and ahhs. But the pyrotechnics were quickly replaced by a dud of a June sales report from Macy's Thursday morning.
Macy's (M) said that sales at stores open at least a year, the most widely watched measure of health in retailing, were up just 1.2% from a year ago. Analysts were expecting so-called same-store sales MOREPaul R. La Monica - Jul 5, 2012 12:24 PM ET
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