NEW YORK (TheStreet) -- The Gap (GPS) shares are down 1.27% to $38.10 in early market trading on Friday after the company reported a decline May sales.
The company reported that May sales fell to $1.25 billion from $1.27 billion in May 2014.
Comparable store sales fell 1% from a year ago while analysts were expecting the company to report a 2.4% drop in same store sales.
The company's discount Old Navy brand was the lone strong performer in the month as comparable store sales increased 6% in May after increasing just 2% a year ago.
Gap brand same store sales decreased 6% this year compared to 3% last year and its Banana Republic brand same store sales fell 5% compared to a 3% increase a year ago.