Gap: flat versus 7% growth last year
Banana Republic: 1% growth versus 5% growth last year
Old Navy: 2% contraction versus 11% growth last year In other retail related news, Target (TGT - Get Report) dropped its first-quarter guidance due to seasonal weakness and weather-related instability - a theme cited by other retailers reporting March sales. The Minneapolis-based discount retailer said Tuesday that it expects comparable-store sales growth in the first quarter to be flat "due to softer-than-expected sales trends particularly in seasonal and weather-sensitive categories across the store." Target expects first-quarter adjusted earnings per share to be "slightly below" the low end of its prior guidance of $1.10-$1.20 per share. First quarter GAAP EPS is expected to be 28 cents lower than adjusted EPS from losses related to the early retirement of debt, share dilution related to the Canadian segment countered by net gains associated with the sale of its credit card receivables portfolio to TD Bank (TD), the company said. Analysts had expected the company would post quarterly earnings of 96 cents per share, according to the Associated Press. Target reports first-quarter earnings on May 22. Target shares were rising 0.5% most recently to $68.74. Shares of Gap were most recently falling 1.6% to $37.16. -- Written by Laurie Kulikowski in New York. Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. >To submit a news tip, email: firstname.lastname@example.org.
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