Gap's May Total, And Same-stores Sales Decline

Apparel retailer Gap Inc. reported late Thursday May net sales of $1.25 billion, down from $1.27 billion in the same period a year ago. Same-store sales for the month fell 1%, as a 6% increase at Old Navy stores was offset by a 6% decline at its Gap stores and a 5% drop at Banana Republic stores. The stock was little changed in after-hours trade. It closed up 0.8% on Thursday, but has lost 8.4% year to date, while the S&P 500 has gained 1.8%.