Gap Same-Store Sales Dragged by Warehouse Fire
December 01 2016 - 05:40PM
Dow Jones News
Gap Inc., reported same-store sales fell again in November, hurt
by a recent warehouse fire as well as weakness in its namesake and
Old Navy clothing lines.
Chief Financial Officer Sabrina Simmons said while November
traffic trends "remained challenging," performance improved in the
back half of the month and the company is focused on the holiday
season.
During the month, the retailer's total same-store sales fell 1%,
reflecting a negative effect of about 3 percentage points from the
August fire at its Fishkill, N.Y., distribution center. Gap said
the majority of the fire-related negative impact to comparable
sales during the fourth quarter happened in November.
Same-store sales fell at its Gap and Old Navy brands, 3% and 2%,
respectively, and rose 5% at Banana Republic.
Overall revenue fell 2.5% to $1.53 billion.
Gap shares, up 2% over the past three months, slipped 1% after
hours to $24.80.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
December 01, 2016 17:25 ET (22:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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