Gap Reports 15% October Same-store Sales Decline At Banana Republic
Gap Inc. shares fell 6.1% in after-hours trading after it reported a 3% October decrease in same-store sales. Banana Republic had a 15% same-store sales decline for the month. Same-store sales fell 2% for the same period in 2014. Gap reported a 4% same-store sales decline versus 7% for the same period last year and Old Navy said it had a 2% increase versus a flat result for the same period in 2014. Sales for the month were $1.2 billion compared with $1.26 billion the previous year. For the third quarter of fiscal 2015, Gap reported sales of $3.86 billion, down from $3.97 billion a year earlier. Same-store sales for the quarter were down 2% compared with a 2% decline last year. Same-store sales were down 12% for the quarter at Banana Republic versus flat for the same period last year, down 4% at Gap compared with 5% for third quarter of 2014, and up 4% at Old Navy compared with a 1% increase for the same period in 2014. The company expects adjusted earnings per share between 62 cents and 63 cents for the third quarter. The FactSet consensus is 67 cents. Shares are down 34.2% for the year so far. The S&P is up 1% for the same period. See also: Gap downgraded as Banana Republic sales extend their decline
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