Gap Reports 9% Same-store Sales Decrease At Old Navy Brand In November
Gap Inc. shares are down 2.5% in after-hours trading after it said same-store sales at Old Navy were negative 9% for November, down from an 18% increase for the brand last year. Banana Republic reported a 19% same-store sales decrease for the month versus positive 2% last year. And Gap reported a 4% same-store sales decrease for November compared with a 4% increase last year. Banana Republic has struggled with same-store sales declines for a number of months. However, Old Navy had delivered positive results as recently as last month. Sales for the four-weeks ending Nov. 28 totaled $1.57 billion compared with $1.72 billion for the same period last year. Gap cut its earnings outlook for the year when it announced quarterly earnings on Nov. 19.
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