Gap sales at established stores slide 8 percent in November
SAN FRANCISCO (AP) — Gap’s struggles continued in November, with sales at established stores sliding a worse-than-expected 8 percent.
Analysts surveyed by Thomson Reuters had expected a 6.3 percent decline in sales at stores opened at least a year. The metric is a key measure of a retailer’s health because it strips out the impact of stores that have recently opened or closed.
Gap Inc. said November sales at established stores fell 4 percent at its namesake stores, 19 percent at its Banana Republic chain and 9 percent at Old Navy locations.
For the four weeks ended Nov. 28, total sales fell to $1.57 billion from $1.72 billion. On a constant-currency basis, sales fell 8 percent.
The San Francisco-based retailer’s stock, which is down 38 percent this year, tumbled in extended trading Thursday after the sales report. Gap shares changed hands at $25.50 in after-market trading, down 2.3 percent.