The retailer said that sales for the month of April fell to $1.21 billion from $1.33 billion in the year-ago month. Gap said that sales fell to $3.66 billion in the fiscal first quarter from $3.77 billion in the year-ago quarter.
Comparable store sales for Gap brand fell 15% in April, compared 3% growth in the year-ago month. Banana Republic comparable store sales fell 15%, compared to 7% in April 2014. Old Navy comparable store sales fell 6%, compared to 17% growth in the year-ago month.
Comparable store sales for Gap brand fell 10% in the fiscal first quarter, compared a 5% fall in the year-ago quarter. Banana Republic comparable store sales fell 8%, compared to a 1% fall in the year-ago quarter. Old Navy comparable store sales grew 3%, compared to 1% growth in the year-ago quarter.
TheStreet Ratings team rates GAP INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GAP INC (GPS) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, reasonable valuation levels, good cash flow from operations and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."