Gap Comps Down 6% In March; Shares Plunge

Adding to a 4 percent move lower during Thursday's intraday trading session, shares of Gap Inc GPS have tumbled some 9 percent in post-market action. Traders and investors in the name are reacting to apparently concerning March sales figures. The company saw net sales for the five-week period ended April 2, 2016 fall about 6.5 percent on a year-over-year basis to $1.43 billion. Same-store sales were down 6 percent, compared to a 2 percent gain during the same period last year. Gap's CFO, Sabrina Simmons, said, "While March proved challenging, we remain focused on taking the necessary steps to improve results across the portfolio throughout the year."

Brand Breakdown

• Gap Global - comps down 3 percent
• Banana Republic Global - comps down 14 percent
• Old Navy Global - comps down 6 percent

Gap shares last traded at $25.20 on heavy after-hours volume.