Lifted by higher traffic in its older stores, GAP (NYSE:GPS) reported Thursday a stronger-than-expected improvement in November same-store sales.
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The San Francisco-based retailer posted sales for the four-week period ended Nov. 27 of $1.51 billion, up 6.3% from $1.42 billion in the same period last year.
Same-store sales were up 4% last month compared with flat sales in the year-earlier period, driven by improved results in its international, Gap North America and Banana Republic stores, partially offset by slower Old Navy sales.
The results landed ahead of average analyst estimates polled by Thomson Reuters of a 2.6% sales gain in stores open at least a year.
“Overall, we are pleased with our November results and that customers responded well to our brands’ initial holiday offers,” said Sabrina Simmons, Gap’s chief financial officer.