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Same-Store Sales Down at Gap

Overseas weakness leaves comps down 1% overall.
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same-store sales dipped 1% in December compared with last year, held down by a 7% slide in its overseas divisions.

The clothing retailer reported overall sales of $2.5 billion for the month, up 2% from a year ago, and said disciplined inventory management left it ready for the spring selling season.

The stock fell 65 cents, or 3.2%, to $20 on Instinet.

By division, Gap U.S. saw same-store sales rise 2% from a year ago, Gap International saw sales fall 7%, while Banana Republic saw a 2% slide in comps and Old Navy had a 1% decline. At Jan. 1, Gap was operating 3,049 stores compared with 3,059 last year.