Gap Sales, Same-store Sales Declined In May

Gap Inc. said Thursday that sales for the month of May fell 5% to $1.18 billion from $1.25 billion for the same period last year. Same-store sales decreased 6%, with the company reporting declines at each of its brands. The namesake Gap brand saw same-store sales fall 3%. Same store sales at Banana Republic were down 11%. And at Old Navy, same-store sales were down 7%. The company said in a release that performance improved leading into the Memorial Day holiday weekend. Sunday and Monday of the holiday fell in the fiscal month of June, as opposed to May last year, which negatively impacted May results. Gap shares are up 4.5% in after-hours trading, but down 51.3% for the past year. The S&P 500 is down 0.2% for the last 12 months.