Gap Inc. shares are down 7% in after-hours trading after it said same-store sales were down 5% for the month. The consensus estimate was a decline of just 3.5%, according to Reuters. Net sales for the five-week period ending Jan. 3 were $2 billion, a 4% decline from $2.1 billion for the same period last year. Same-store sales at Gap Global were down 2% versus consensus estimate of a decline of 2.9%, according to Reuters. Same-store sales at the company’s Old Navy brand fell 7% for the month of December. The Reuters consensus was for a 0.2% decline. Old Navy same-store sales sank into negative territory in November. Same-store sales at Banana Republic were down 9%. The Reuters consensus was for a 13.4% decline. Gap shares are down 38.7% for the past year while the S&P is down 4.1% for the same period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News