Gap Shares Drop 2.5% After February Sales Miss Estimates At Three Flagship Brands

Gap Inc. said Thursday that its February same-store sales fell 4%. That missed the average 1.3% gain analysts surveyed by Retail Metrics were looking for. Gap brand's global comparable sales dropped 7%. They were down 5% at Banana Republic and were flat at Old Navy. All three units missed Wall Street expectations. Analysts were looking for a 2.1% decline at the Gap brand in the U.S., a 1.5% increase at Banana Republic and a 4.4% increase at Old Navy. Gap fell 2.5% in after-hours trading.