Gap's Same-Store Sales Slide
October 06 2016 - 5:23PM
Dow Jones News
By Josh Beckerman
Gap Inc. said it saw a strong customer response at its Old Navy
chain last month, but its namesake brand posted lower comparable
sales.
Over all, Gap's total same-store sales fell 3% in September.
Analysts polled by Thomson Reuters had projected a 2.9% decline in
total comparable sales.
Gap said a late-August fire at its Fishkill, N.Y., distribution
center had a negative effect of about 3 percentage points in
September. The fire is expected to hurt total comparable sales by a
similar amount in October.
Comparable sales rose 4% at Old Navy, while declining 10% at Gap
Global and 9% at Banana Republic Global.
Gap shares rose 5.4% to $24 in after-hours trading.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
October 06, 2016 17:08 ET (21:08 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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