NEW YORK (TheStreet) -- Shares of Gap are slipping after the retailer reported worse-than-expected same-stores sales for March, blamed on the harsh winter weather and the later occurrence of this year's Easter holiday.
Shares of Gap (GPS) are sinking on Friday after the retailer reported worse-than-expected same-store sales for March.
Gap announced after the close on Thursday that its comparable sales for March fell 6% -- worse than analysts' expectations for a drop of 4.7%, according to Thomson Reuters. Results were the worst at Gap and Old Navy stores, which both saw a 7% drop. The company's Banana Republic chain saw a 4% decrease.
Gap blamed the bad winter weather and the later occurrence of the Easter holiday in April this year, from March last year, as reasons for the weaker sales. CompanyChairman and CEO Glenn Murphy called March "challenging," but said the company remains confident and reaffirmed its full-year forecast. Looking ahead, Gap warned that its first-quarter gross margins will be lower than last year. The company is set to report first quarter earnings on May 22.
At last check, shares of Gap were falling about 1.8% to $38.59.
In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.