Investors and traders in shares of Gap Inc GPS have bid the stock up Thursday afternoon following the company's May sales results.
About an hour after the press release hit wires, Gap shares were indicated up nearly 5 percent to around $19.21.
Gap said revenue for the four-week period ended May 28, 2016 was down 5 percent to $1.18 billion. The company had reported sales of $1.25 billion for the same period in 2015.
Same-store sales fell 6 percent on a year-over-year basis, compared to a 1 percent decline in the 2015 four-week period.
The global brand breakdown looked like:
- Gap Global - comps down 3 percent, better than a 6 percent decline during May of 2015
- Banana Republic - same-store sales down 11 percent versus a 5 percent decline last year
- Old Navy Global - comps down 7 percent compared to an increase of 6 percent last year
The press release noted "while the overall month was challenging, performance improved leading into the Memorial Day holiday weekend."
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