Gap Inc. Reports Year-over-year February Sales, Same-store Sales Decline

Gap Inc. said sales for the four weeks ending Feb. 27 totaled $888 million, down from $918 million a year before. Same-store sales for the month were down 2%. Same-store sales for the Gap global brand and for the Old Navy brand were flat, while Banana Republic had an 11% same-store-sales drop for the month. Gap reported quarterly earnings last week along with the announcement of a new $1 billion share-buyback program. Gap's stock in inactive in after-hours trading. Shares are up 15.6% for the year so far but are down 32% in the past year. The S&P is down 2.5% in 2016.