- Gap (NYSE:GPS) -9% AH after reporting that revenue at stores open at least a year fell 6% to $1.43B from $1.53B a year ago, as its three key brands - Banana Republic, Old Navy and its namesake label - suffered sales drops; analysts were expecting a 4.3% decline.
- Gap also says Q1 margins will be under pressure because it entered April with more inventory than planned.
- Same-store sales at Gap's namesake stores fell 3%, narrower than the year-ago 7% drop, but Banana Republic reported a 14% drop vs. a 3% decline a year earlier, and Old Navy said same-store sells slipped 6% compared with a 14% increase a year ago.
- Now read Mall stocks take a bruising