Sector Snap: Retailers rise on strong earnings

NEW YORK (AP) ? Shares of retailers climbed on Friday following strong earnings reports from companies including Gap Inc. and Ann Inc., parent of the Ann Taylor and Loft brands.

Late Thursday, Gap reported that second-quarter net income rose 29 percent, as efforts to spruce up its clothing with brightly colored trendy looks appealed to shoppers. The San Francisco company also increased its full-year earnings forecast.

Shares of Gap added $1.83, or 5.3 percent, to $36.17.

The good news continued into Friday morning, when Ann announced that its quarterly net income and revenue climbed, driven by strength from Ann Taylor and Loft. The New York company boosted its fiscal 2012 revenue guidance.

Ann's stock jumped $6.06, or 21.5 percent, to $34.19 in afternoon trading.

Adding to the optimism was a Friday report that showed a key measure of the U.S. economy edged up 0.4 percent in July. The Conference Board reported the 0.4 percent increase in its index of leading economic indicators earlier in the day, which is a recovery from the 0.4 percent decline in June and provides some evidence that the economy may be regaining some momentum.

The gain in the leading indicators was the latest report showing an improved outlook. This week, there were reports that factory production increased in July and homebuilders were growing more confidence in the housing recovery. Earlier, the government reported that job growth rose to 163,000 for July, the best showing in five months.

Here's how some other retailers are faring in afternoon trading Friday:

Abercrombie & Fitch Co. added 70 cents, or 2 percent, to $36.11.

Macy's Inc. up 7 cents to $38.81.

Urban Outfitters Inc. climbed 42 cents to $31.40.

Kohl's Corp. rose 33 cents to $51.69.

TJX Cos. gained 46 cents to $45.65.

Source: http://news.yahoo.com/sector-snap-retailers-rise-strong-earnings-171625505--finance.html

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