Shares of apparel retailers mostly rose on Thursday, as many reported moderate November same-store sales growth, boosted by the crucial "Black Friday" holiday shopping weekend.
Retailers' same-store sales rose 4 percent overall in November, according to a survey by Thomson Financial. Analysts had predicted same-store sales growth of 3.3 percent.
Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.
Gap Inc., which has struggled with same-store sales over the past year, reported flat November same-store sales, beating analyst expectations of a 4.8 percent decline. The news sent shares to a 52-week high of $21.65, eclipsing a previous peak of $21.04.
"Gap was the most significant stand-out among November results," wrote Deutsche Bank analyst Gabrielle Kivitz in a note to investors. "We believe that the company may be starting to see early signs of improved customer traction."
Meanwhile, Limited Brands Inc. reported same-store sales dropped 7 percent in November, hurt by weak results at all of its brands, including Victoria's Secret, La Senza and Bath & Body Works. Analysts predicted a decline of 5 percent.
Here's how key apparel retailers fared on Thursday.
Gap, up $1.05, or 5.2 percent, to $21.31
Limited Stores, up 42 cents, or 2.1 percent, to $20.32
Children's Place Retail Stores Inc., up $1.02, or 3.5 percent, to $30.41
Men's Wearhouse Inc., up 61 cents, or 2 percent, to $31.66
Charming Shoppes Inc., up 39 cents, or 7.5 percent, to $5.60
TJX Cos., up $1.01, or 3.5 percent, to $30.01
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