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Gap's March Sales Slide
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ShareGap Inc. (GPS) reported an 8% decline in same-store sales during March, due to weak performance of its namesake and Banana Republic brands in North America. However, the result was better than what many analysts were expecting.
Total sales decreased 6% to $1.29 billion in March, compared to the same month last year.
Gap's Old Navy brand sales were stagnant while international sales declined 5% during the month.
The consensus estimate for the current fiscal year is down 13 cents over the past 60 days to $1.07 a share.
The Zacks #4 Rank ("Sell") stock has gained more than 4% today on volumes that are lower-than-usual at 9.6 million, compared to the average of 10.5 million.
Read the full analyst report on GPS
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