Late Thursday, Gap (GPS) reported August comparable sales of 2%, slightly below analysts' expectations of 2.2% and below the 9% same-store sales figure reported in the year-earlier quarter.
Of the three brands owned by Gap that report monthly comparable sales, both the Gap flagship brand and Banana Republic saw comps rise 2% last month. Analysts' were expecting gains of 2.8% in Gap and a 0.4% decline at Banana. Old Navy's slim 1% comp sales growth fell short of analysts' expectations for a 1.3% gain.
Gap shares were trading lower in after-hours, losing 0.98% to $40.25.
Shares of Zumiez (ZUMZ) tumbled 5.6% to $23.86 in post-markets trading following the teen retailer's cautious outlook for the third quarter.Zumiez said its net income more than doubled to $4.7 million, or 16 cents a share, in the second quarter. Net sales for the entire quarter jumped 17% to $157.9 million, however second quarter comparable sales rose just 0.9% compared to 9.5% last year. Zumiez saw a 3% rise in August comp sales also surpassed expectations for 2.5% growth. However, the sport apparel retailer's guidance for the third quarter wasn't reassuring to investors. Zumiez expects net sales in the range of $187 million to $191 million and earnings of 39 cents to 43 cents a share, based on expected comp sales that are flat to up 2%, it said. The average analyst estimate was expecting third-quarter earnings of 55 cents a share, according to Thomson Reuters. Earlier in the day, Costco Wholesale (COST), the biggest company that still reports monthly sales, said August sales came in above the average analyst estimate. Shares closed up 2.8% to $114.62 on Thursday. The Issaquah, Wash.-based company reported net sales of $7.95 billion for the four weeks ended Sept. 1, up 7% from August 2012. Comparable sales for the four-week period rose 4% vs. 3.8% expected by analysts. Excluding changes in gas prices and foreign exchange rates, the company posted comparable sales of 6% for the month.
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