Gap Says Impact Of New York Distribution Center Fire Felt Most In November

By Markets MarketWatch Pulse

Gap Inc. shares fell 1% in late Thursday trading after the retail company reported a decline in revenue and same-store sales for the month of November. Gap said sales for the four weeks ending Nov. 28 totaled $1.53 billion, down from $1.57 billion last year. Same-store sales for the month fell 1%. Gap said an August fire in its Fishkill, NY distribution center hurt November's results most, with same-store sales negatively impacted by three percentage points. Analysts say not all of the impacts from the fire have been negative. Same-store sales for the namesake Gap brand fell 3%, and same-store sales at Old Navy fell 2%. Banana Republic, which has been plagued by declining same-store sales results, reported a same-store sales increase of 5% for the month. Gap shares are up 1.4% for the year so far while the S&P 500 index is up 7.2% for the same period.

Continue Reading Below

Copyright © 2016 MarketWatch, Inc.