Gap Inc. Net Sales, Same-store Sales Down 1% For September

Gap Inc. reported September same-store sales down 1%, driven by a 10% decline at Banana Republic versus 2% increase last year. Gap Inc. same-store sales were flat the previous year. Old Navy was positive 4% this year compared to positive 1% the previous year. Gap Global same-store sales were flat versus negative 3% last year. Gap Inc. expects expects gross margins to remain the same. The company reported net sales of $1.46 billion for the period ending Oct. 3, a 1% decrease from $1.48 billion in the five-week period ending Oct. 4, 2014. Gap stock is down 31.3% for the year-to-date versus a 2.2% decline for the S&P over the same period.