GAP SHOWS POOR DECEMBER SALES; STOCK GETS HIT AFTER HOURS
After a relatively strong day of trading, Gap Inc stock fell nearly eight percent in early after-hours trading on Thursday, after the company reported disappointing numbers for its December sales. As of 8pm, the stock was trading at 24.45. It had closed at 4pm at 26.74.
The retail company, which also owns brands Old Navy and Banana Republic, reported that its nets sales fell 4 perecent year-over-year to $2.01 billion during the five-week period ending on January 2. Comparable sales declined by 5 percent in December.
Banana Republic was the biggest loser, with a 9 percent comparable sales drop over last year, while Old Navy dropped 7 percent, and Gap Global dropped 2 percent.
