Tags: Gap | Shares | Same-Store | Sales

Gap Shares Gain on Strong Same-Store Sales

Thursday, 06 Jun 2013 06:07 PM

Shares of Gap Inc. gained in late trading Thursday after the largest U.S. specialty-apparel retailer reported same-store sales for May that were higher than analysts estimated.

Gap advanced 2.9 percent to $42.15 in aftermarket trading in New York. The San Francisco-based company’s shares had gained 1.8% during regular trading, and 32 percent this year through the close, the best performance for an apparel company in the Standard & Poor’s 500 Retailing Index.

Total comparable sales rose 7 percent last month, according to a statement from Gap today. Analysts had projected 3.7 percent, on average, according to researcher Retail Metrics Inc.

“We are pleased with the positive customer response to summer product across our brands and the continued momentum in the business,” Glenn Murphy, the retailer’s chairman and chief executive officer, said in the statement.

Same-store sales at the Banana Republic brand were little changed, missing the estimate for a gain of 0.7 percent from Retail Metrics, while the Gap brand rose 8 percent, compared with an estimated 3.8 percent advance. Old Navy brands increased 9 percent compared with an estimate for a 5.4 percent jump.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
InvestingAnalysis
Shares of Gap Inc. gained in late trading after the largest U.S. specialty-apparel retailer reported same-store sales for May that were higher than analysts estimated.
Gap,Shares,Same-Store,Sales
185
2013-07-06
Thursday, 06 Jun 2013 06:07 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved