Gap says key sales measure slides 6% in May


AP

NEW YORK — Gap says sales at established stores fell 6 percent in May. That was better than the 7 percent decline forecast by Thomson Reuters.

Sales in stores open at least a year is a key metric of a retailer’s health.

By division, same-store sales fell 3 percent at Gap stores, 11 percent at Banana Republic and 7 percent at Old Navy.

The San Francisco-based retailer said Thursday that the entire month was challenging, but its performance improved toward the Memorial Day weekend.

For the four weeks ended May 30, total sales fell more than 5 percent to US$1.18 billion from US$1.25 billion.

In after-hours trading, Gap Inc. shares rose nearly 5 percent to US$19.18. For the year to date, shares are down about 26 percent.