Gap Shares Down Following June Sales Release
Shares of Gap (NYSE: GPS) are down in the extended hours session following worse than expected June sales.
For the five week period ended June 5, total sales are up one percent year over to $1.54 billion. Same store sales are down two percent.
Old Navy brand same store sales are up seven percent year over year, Banana Republic sales are down seven percent and GAP brand sales dropped two percent.
CEO Glenn Murphy commented, “Old Navy’s performance was stellar this month, and we’re pleased to see the brand continue its strong quarter-to-date momentum. Despite softer June results at Gap and Banana Republic, we remain focused on delivering in the upcoming Fall season.”
The issue was last down 1.5 percent to $40.35.
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