said Wednesday November same-store sales were down 1% from the year-ago period. Among it four brands, only its domestic Gap stores posted positive same-store sales numbers for the month.
The San Francisco-based retailer reported overall sales for the four-week period ending November 25 of $1.28 billion, up 20% from the $1.07 billion recorded in the year-ago period. Higher promotional spending and a decrease in margins were credited for the gain.
The company says it remains "cautious" in its fourth-quarter outlook. "The combined shift of Hanukkah to week four of December and the additional weekend prior to Christmas will likely compress spending patterns to later in the month, and could apply additional risk to margins for the quarter,'' according to Heidi Kunz, executive vice president and chief financial officer.
Gap shares lost 13 cents, or 0.5%, to close at $25.82 in composite trading on the
New York Stock Exchange