Gap's Same-Store Sales Slide -- Update
October 06 2016 - 5:44PM
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.
Total sales fell 2% to $1.43 billion.
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 6% to $24.15 in after-hours trading.
The company said September margins "actualized significantly
higher than previously forecasted," which more than offset the
negative effects from lost sales and logistics costs related to the
fire.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
October 06, 2016 17:29 ET (21:29 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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